Name change and share consolidation UNDERWAYTouchdown amends bylaw, to roll back shares 1:7 2014-02-21 16:39 ET - News Release
Mr. Brian Morrison reports
TOUCHDOWN SHAREHOLDERS APPROVE AMENDMENTS TO THE COMPANY'S ARTICLES
Touchdown Resources Inc.'s directors, pursuant to special resolutions passed by shareholders, may, by directors' resolutions, alter the company's share capital and further alter the articles where a special resolution is not specified. The notice of amended articles has been filed and is effective as of Feb. 19, 2014.
As a result, the board proposes to consolidate the company's issued and outstanding common shares on the basis of of one new common share for every seven old common share outstanding, or on the basis of such lesser consolidation ratio as may be approved by the board of directors and accepted by the TSX Venture Exchange in order to increase the company's flexibility and competitiveness in the marketplace, and to make the company's securities more attractive to a wider audience of potential investors, thereby resulting in a more efficient market for the common shares.
The proposed seven-old-for one-new share consolidation would result in the number of issued and outstanding common shares of the company being reduced from 16,766,649 common shares without par value to 2,395,236 common shares without par value.
In addition, the board wishes to change the name of the company to Letho Resources Corp., and be issued a new stock trading symbol acceptable to the exchange.
The effective date of the share consolidation and name change will occur soon after exchange approval.