Morumbi Resources Announces Share Consolidation
June 18 2014 - 12:51PM
Marketwired
Morumbi Resources Announces Share Consolidation
TORONTO, ONTARIO--(Marketwired - Jun 18, 2014) - Morumbi
Resources Inc. (TSX-VENTURE:MOC) ("Morumbi" or the "Company")
announces that the Company received shareholder approval at the
Annual and Special Meeting of the shareholders of the Company held
on June 6, 2014 (the "Meeting") for all issues proposed by
management, including the election of directors, the appointment of
the Company's auditors, the ratification of the Company's stock
option plan and the approval to consolidate the Company's common
shares.
The resolution approved by shareholders at the Meeting with
respect to the consolidation permits the board of directors of the
Company, without further approval by the shareholders, to select
the final consolidation ratio, up to a ratio of ten (10)
pre-consolidation common share to one (1) post-consolidation common
shares, and proceed with any such consolidation at any time within
the 12 months following the date of the Meeting, subject to
approval by the TSX Venture Exchange.
Subsequent to the Meeting, the board of directors of the Company
resolved to proceed with the a consolidation on the basis one (1)
post-consolidation common share for every three (3)
pre-consolidation common shares (the "Consolidation"). The
Consolidation will be effective for open of markets on June 19,
2014 and from and after this date, the Company's common shares will
trade on a post-Consolidation basis.
Additionally, the Company announces that the 2,050,000 incentive
stock options issued to various directors, officers and employees
of the Company, as announced in the Company's press release of May
28, 2014, were issued at an exercise price of $0.05 per share as
opposed to $0.03 per share as previously disclosed.
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.
Morumbi Resources Inc.Chris BuncicPresident &
CEO416-366-4200cbuncic@morumbi.cawww.morumbi.ca