Eloro Resources Ltd
Symbol§C : ELO
Shares Issued 167,971,903
Close 2011-08-08 C$ 0.04
Recent Sedar Documents
Eloro holders approve share rollback at July 26 AGM
2011-08-09 11:39 ET - News Release
Mr. Thomas Larsen reports
ELORO RESOURCES ANNOUNCES CONSOLIDATION OF SHARES
Eloro Resources Ltd. shareholders approved a proposed consolidation of the number of issued and outstanding common shares of Eloro at the annual and special meeting of shareholders held on July 26, 2011, on the basis of one new share for four old shares currently outstanding. Upon the consolidation becoming effective, the 167,971,903 issued and outstanding shares as at the date hereof would be consolidated into 41,992,976 issued and outstanding shares. The corporation believes that the consolidation will facilitate Eloro's ability to pursue financings for the continuing exploration and development of its properties, including the Simkar property.
The corporation intends to file articles of amendment pursuant to the Business Corporations Act (Ontario) to implement the consolidation in mid-August, 2011, following the approval of the TSX Venture Exchange. Immediately thereafter, the corporation will send letters of transmittal to holders of common shares for use in transmitting their share certificates to the depository, Equity Financial Trust Co., in exchange for new certificates representing the number of postconsolidated common shares to which such shareholder is entitled as a result of the consolidation. No delivery of a new share certificate to a shareholder will be made until the shareholder has surrendered his, her or its current issued certificates for common shares. Until surrendered, each share certificate formerly representing old common shares will be deemed for all purposes to represent the number of postconsolidated common shares to which such holder is entitled as a result of the consolidation.
No fractional shares will be issued in connection with the consolidation; if, as a result of the consolidation, a shareholder becomes entitled to a fractional share, such fraction will be rounded down to the nearest whole number.
Shareholders should note that a previous consolidation resolution which was proposed and approved at the corporation's shareholders meeting held on Dec. 20, 2010, was not implemented.
The consolidation will not give rise to a capital gain or a capital loss under the Income Tax Act (Canada) for a shareholder who holds common shares as capital property. The total adjusted cost base to the shareholder of his, her or its new common shares immediately after the consolidation will be equal to the total adjusted cost base of his, her or its common shares immediately before the consolidation.
The consolidation is subject to approval by the TSX Venture Exchange. The corporation will retain the same name and ticker symbol following the consolidation.
We seek Safe Harbor.
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