Corporation Gold Treegenic

October 24, 2013 15:36 ET

Treegenic Gold Corporation Announces Consolidation and Issuance of Shares for Payment of Debts

MONTRÉAL, QUÉBEC--(Marketwired - Oct. 24, 2013) - TREEGENIC GOLD CORPORATION (the "Corporation") announces that the Corporation will give effect to the consolidation of its common shares on the basis of twenty (20) pre-consolidation common shares for one (1) post-consolidation common share effective on October 28, 2013.

The Corporation's shareholders authorized the consolidation at the shareholders' special meeting held on August 20, 2013.

The 106,109,360 pre-consolidation common shares issued and outstanding will be consolidated into approximately 5,305,468 post-consolidation common shares. If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a post-consolidation common share, the number of post-consolidation common shares will be rounded to the nearest whole number.

Letters of transmittal have been mailed to the registered holders of its common shares, requesting that they forward their pre-consolidation common share certificates to the Corporation's transfer agent for exchange for new common share certificates representing their common shares on a post-consolidation basis.

On September 17, 2013 the Corporation issued an aggregate of 4,000,000 common shares at a deemed price of $0.00945458 per common share to settle an aggregate debt of $37,818.32. The aggregate debt represents outstanding amounts for cash advance and services rendered to the Corporation. The Corporation chose to settle this outstanding indebtedness with common shares as part of its plans to move the Corporation forward and in order to preserve its funds for operations.

About Treegenic Gold Corporation

Treegenic Gold Corporation is an early stage mineral exploration company that is mainly focused on the acquisition, exploration and development of mining properties. However the Corporation currently has no assets other than cash.

Cautionary Note Regarding Forward-Looking Statements

This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Corporation expects, are forward-looking statements. These statements include the possible conversion of inferred resources into higher confidence categories of resources. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Corporation undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Corporation at www.sedar.com for further information.

Contact Information

  • Treegenic Gold Corporation
    Andre Brosseau
    President and CEO
    (514) 395-1918