Admiral Bay Resources Inc. Approves Share Consolidation
October 26 2010 - 12:22PM
Marketwired
Admiral Bay Resources Inc. (the "Company") (TSX VENTURE: ADB)
announced today that at the Company's annual general and special
meeting held on September 3, 2010, the shareholders approved, by
special resolution, the proposed consolidation of the Company's
issued and outstanding common shares on the basis of up to twenty
(20) common shares being consolidated into one (1) common share, to
be effected at the discretion of the Company's board of directors.
The Company's board of directors has determined to proceed with the
share consolidation. The Company will not be changing its name or
trading symbol in conjunction with the proposed share
consolidation.
The Company's issued capital will be altered by consolidating
all of the 102,844,519 issued common shares without par value into
5,142,225 common shares without par value, every 20 common shares
being consolidated into 1 common share, with all resulting
fractional shares being rounded down to the nearest whole
number.
The share consolidation is to provide greater flexibility in any
future acquisitions and financings that the Company wishes complete
and to facilitate the Company's ability to attract members to the
board of directors.
The share consolidation is subject to acceptance by the TSX
Venture Exchange.
Admiral Bay Resources Inc. (www.admiralbay.com) is an emerging
unconventional gas production company focused on the development of
projects in the Cherokee Basin in southeast Kansas and the
Appalachian Basin in Pennsylvania. Admiral Bay is listed on the TSX
Venture Exchange under the symbol ADB.
Statements in this release that are not historical facts are
"forward-looking statements" within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Readers are cautioned
that any such statements are not guarantees of future performance
and that actual developments or results may vary materially from
those in these "forward-looking statements".
Neither 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.
Contacts: Admiral Bay Resources Inc. Steven Tedesco President
& CEO (303) 350-1255 (303) 617-8956 (FAX)
stedesco@admiralbay.com www.admiralbay.com
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