share consolidationI will add more after the consolidation, but for now I will keep my position small. Unusual is that they gave 30 days notice, usually companies suprise the market and the r/s have a detrimental effect, with no suprises here, todays positive share price movement may follow through, but I will wait for confirmation.
Orsu Announces Share Consolidation
11/12/2009 2:30:03 AM - Market Wire
LONDON, UNITED KINGDOM, Nov 12, 2009 (Marketwire via COMTEX News Network) --
Orsu Metals Corporation ("Orsu" or the "Company") (TSX:OSU)(TSX:OSU.WT.A)(TSX:OSU.WT.B)(AIM:OSU), the London-based precious and base metals exploration and development company, announces that the Board of Directors has approved a consolidation of the Company's common shares on a ten for one basis (the "Consolidation") to be effective 24 November 2009 ("the Effective Date"). The Consolidation will affect all shareholders uniformly and no fractional shares will be issued. Fractional share interests resulting from the Consolidation will be rounded up to the nearest whole share. Registered shareholders will be sent a letter of transmittal by the Company's transfer agent, Computershare Investor Services Inc., on or about 24 November 2009 to be used by such shareholders in order to receive new certificates representing their shareholdings post-consolidation. A copy of the letter of transmittal will also be available under the Company's profile on SEDAR at www.SEDAR.com.
The Consolidation results in an adjustment to the exercise price and to the number of warrant shares that are purchasable upon the exercise of the Company's listed warrants (OSU.WT.A and OSU.WT.B) issued pursuant to a warrant indenture dated 11April 2005 (the "2005 Warrants") and a warrant indenture dated 21 March 2006 (the "2006 Warrants", and together with the 2005 Warrants, the "Warrants"). On the Effective Date, the exercise price of the 2005 Warrants will be changed to $12.00 per warrant share and the exercise price of the 2006 Warrants will be changed to $15.50 per warrant share. In addition, the number of warrant shares that are purchasable in connection with each whole Warrant represented by a warrant certificate will be 0.1 warrant shares. No fractional warrant shares will be issued on exercise of the Warrants as a result of the Consolidation and the provisions of the applicable warrant indenture relating to fractional interests will continue to apply to the warrant shares following the Effective Date. The existing warrant certificates will continue to represent the Warrants, as adjusted, and no action is required by holders of the Warrants. The above adjustments will be factored into any exercise of Warrants by the holders following the Effective Date.
Prior to the Consolidation the Company has the following securities: 456,959,226 ordinary shares of no par value 71,888,240 listed 2005 Warrants 40,451,249 listed 2006 Warrants 16,208,031 non-listed warrants 33,150,000 options
SOURCE: Orsu Metals Corporation
Orsu Metals Corporation
Petro Mychalkiw
Chief Finance Officer
+44 (0) 20 7518 3999
Orsu Metals Corporation
Tania Tchedaeva
Company Secretary
+44 (0) 20 7518 3999
www.orsumetals.com
Canaccord Adams Limited
Ryan Gaffney
+44 (0) 20 7050 6500
Vanguard Shareholder Solutions
Keith Schaefer
+1 604 608 0824
Computershare Investor Services Inc.
Within North America: 1-800-564-6253
Outside North America : 1-514-982-7555
corporateactions@computershare.com
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