TORONTO, ONTARIO--(Marketwired - April 21, 2014) - Pitchblack Resources Ltd. (TSX VENTURE:PIT) ("Pitchblack" or the "Company") has called its annual and special meeting of shareholders (the "Meeting") for Wednesday, May 14, 2014 at 10:00 am (Toronto time). The Meeting will be held at the Company's head office at 65 Queen Street West, 7th floor boardroom, Toronto, Ontario M5H 2M5. Among other matters which may duly come before shareholders, the Company proposes that shareholders consider and approve a share consolidation (the "Consolidation") on the basis of one new common share of the Company (each,a "New Share") for up to every ten existing common shares of the Company (each, an "Old Share"), or such lower number of Old Shares as may be determined by the Board of Directors of Pitchblack and as may be required to obtain approval of the consolidation from the TSX Venture Exchange.
The principal effects of the Consolidation will be that the number of common shares of the Company issued and outstanding will be reduced from 33,124,150 Old Shares as of April 10, 2014 to approximately 3,312,415 New Shares, assuming a consolidation ratio of 10 to 1.
The expected benefits of the Consolidation include improved trading liquidity from lower transaction costs and great investor interest as well as reduced future dilution from the ability to raise additional capital at a higher price per share. Additional benefits of the Consolidation, as well as the procedure for implementing the Consolidation and the full text resolution approving the Consolidation may be found in the Company's management information circular dated April 10, 2014 (the "Circular") that is being mailed to shareholders and may be found under the Company's profile on SEDAR. The Consolidation remains subject to shareholder approval and acceptance by the TSX Venture Exchange.
About Pitchblack Resources Ltd.
Pitchblack has uranium, coal and gold assets in the Yukon Territory, Canada. The Company is currently reviewing the potential of these properties.
This press release contains "forward-looking information" within the meaning of applicable securities legislation. Forward-looking information includes, but is not limited to, statements regarding the proposed Consolidation, the perceived benefit of the Consolidation and receipt of shareholder and regulatory approval. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, political and social uncertainties and risks of the mining industry. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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