Tajiri Resources Corp.

Tajiri Resources Corp.

November 22, 2013 14:08 ET

Tajiri Resources Corp. Files for TSX-V Approval of a 5:1 Share Consolidation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 22, 2013) - Tajiri Resources Corp. (the "Company") (TSX VENTURE:TAJ) reports that it will immediately be filing for, and seeking approval of, documents relating to the consolidation of the Company's issued and outstanding share capital with the TSX Venture Exchange. The intended consolidation will be on a 5:1 basis under the recently amended TSX Venture Corporate Finance Policy 5.8 and relating Policy 2.5.

Approval of the consolidation was unanimously passed during a recent meeting of the board of directors of the Company and signed resolution dated September 26th, 2013. The action is being undertaken to improve on the current trading price for the Company's securities as it falls below the minimum price requirements for exempt distribution (non-brokered private placements) as set out by TSX Venture Exchange Corporate Finance Policy 4.1.

Additional to its effort to meet the aforementioned exchange policy Company management is of the opinion that recent trading prices for the Company's securities do not accurately reflect the underlying value created through this past summer's drilling of the Kaburi PL. The proposed consolidation will ultimately create a more attractive investment opportunity and allow for sufficient investment capital to be raised in order to meet ongoing financial obligations as they relate to continued listing of the Company's securities and maintaining of its mineral property holdings in Guyana and British Columbia. Assuming TSX Venture Exchange and other regulatory approvals, the Company would have on a post-consolidated basis, 10,384,480 common shares issued and outstanding which will be down from the 51,922,400 common shares that are issued and outstanding as at the date of this release.

The Company will also be cancelling a non-brokered private placement originally announced on August 07th, 2013. It is anticipated that a similar offering will be announced following TSX Venture Exchange Approval and subsequent completion of the proposed share consolidation. Any funds previously collected by the Company as part of the original offering will be returned to investors along with the corresponding subscription agreements without penalty or charge.

On Behalf of the Board,

Tajiri Resources Corp.

Graham Keevil, President, CEO

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.

Contact Information

  • Tajiri Resources Corp.
    Graham Keevil
    President, CEO
    604-642-0115 or Toll Free 866-345-0115
    604-642-0116 (FAX)