VANCOUVER, Oct. 19, 2012 /CNW/ - Santa Rosa Resources Corp.
(TSX Venture: STR.H) announces that shareholders will be asked at
the annual general meeting of shareholders to be held on
November 15, 2012 to consider an
ordinary resolution to approve a consolidation of Santa Rosa's common shares on the basis of one
post-consolidation share for every ten pre-consolidation shares, or
such lesser number of pre-consolidation shares as the board of
directors may determine.
In the event that the proposed consolidation is conducted on a 1
for 10 basis, based on Santa Rosa's
currently outstanding common shares of 44,713,238, Santa Rosa would have approximately 4,471,323
common shares outstanding following the consolidation.
Santa Rosa's board of directors
believes that the existing share structure may not be conducive to
completing additional equity financings which will be required in
the future, and that this proposed consolidation may be required to
facilitate new equity investments in Santa
Rosa.
Santa Rosa does not intend to
change its name in connection with the proposed
consolidation. The proposed consolidation is subject to
shareholder approval and acceptance for filing by the TSX Venture
Exchange.
Additional information regarding the proposed consolidation is
provided in the management information circular for the
Meeting. The information circular and other materials
relating to the Meeting have been mailed to registered shareholders
and filed on SEDAR.
Forward-Looking Statements
This news release contains forward-looking statements. Actual
events or results may differ materially from those described in the
forward-looking statements due to a number of risks and
uncertainties, including changes in financial and product market
conditions. Forward-looking statements are based on management's
estimates, beliefs, and opinions. The Company assumes no obligation
to update forward-looking statements, other than as may be required
by applicable law.
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.
SOURCE Santa Rosa Resources Corp.
