I am always weary of managementthat do
(the“Consolidation”) .
Acero-Martin Exploration Inc. to proceed with 4-1 rollback
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| September 18, 2009 |
Acero-Martin Exploration Inc. announcesall formal business as set out in the Company’s Information Circulardated July 24, 2009, was tabled and approved at its annual and SpecialGeneral Meeting held on August 27, 2009 (the “Meeting”). A copy of theInformation Circular was mailed to shareholders, and filed on SEDAR (www.sedar.com).
At the Meeting, shareholders approved aconsolidation of the Company’s common shares on the basis of one (1)post-consolidated share for every four (4) pre-consolidated shares (the“Consolidation”). The Company does not anticipate a name change inconnection with the Consolidation. The directors are proceeding toimplement the Consolidation.
The Company currently has 109,388,510 issued andoutstanding common shares. After the Consolidation the Company wouldhave approximately 27,347,127 shares outstanding following theConsolidation. The exact number of post-consolidated shares will varydepending on the treatment of fractional shares which will occur wheneach shareholder’s holdings in the Company are consolidated.Outstanding stock options and warrants would similarly be adjusted bythe Consolidation Ratio.
The Company also announces that it has made anapplication to the TSX Venture Exchange to extend the term of the13,531,039 warrants that are set to expire on September 15, 2009 andthe 1,558,350 warrants that are set to expire on October 8, 2009 toSeptember 15, 2010 and October 8, 2010 respectively and to change theexercise prices from
.10 per share to
.06 per share.
The number of warrants held by insiders of theCompany will be pro rated amongst this group in order that the totalnumbers of warrants held by insiders that are subject to the amendedterms will not exceed 10% of the total number of warrants issued underthe private placement.
This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.
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On behalf of the Board:
“Michael C. Scholz”
___________________
Michael C. Scholz
Chairman and Director
ACERO-MARTIN EXPLORATION INC.
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