Afri-Can Share Consolidation Approved https://app.quotemedia.com/quotetools/newsStoryPopup.go?storyId=51769083&cp=off&webmasterId=101442
Afri-Can Share Consolidation Approved by Shareholders
MONTREAL, QUEBEC--(Marketwire - June 4, 2012) - Afri-Can Marine Minerals Corporation ("Afri-Can" or the "Corporation") (TSX VENTURE:AFA) announces that the proposed consolidation of its common shares has been approved by shareholders at a Special Meeting of Shareholders held on June 1st, 2012. The consolidation was approved by 96.2% of the 52,317,299 million shares voted. The consolidation is a condition of the $3 million financing announced on April 12th, 2012.
The Board of Directors of the Corporation, at its discretion, has the mandate to amend the Articles of the Corporation so that the issued and outstanding common shares of the Corporation be consolidated on the basis of one (1) post-Consolidation Common Share for every four (4) pre-Consolidation Common Shares (the "Consolidation Ratio") no later than nine (9) months from the date of the shareholders' approval.
The Consolidation will reduce the Corporation's 238,524,984 issued and outstanding Common Shares to approximately 59,631,246 Common Shares. The number and exercise or conversion price of outstanding stock options and warrants will be proportionately adjusted based upon the Consolidation Ratio. The shares will begin trading on a consolidated basis upon closing of the financing announced on April 12th, 2012. The financing is subject to regulatory approval.
Shares outstanding: 238,524,984