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Canasia arranges 1:20 share buyback
2012-11-26 16:10 ET - News Release
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Mr. Negar Adam reports
CANASIA PROPOSES SHARE CONSOLIDATION
Canasia Industries Corp. will be seeking, at the annual general and special meeting of its shareholders scheduled for Dec. 20, 2012, shareholder consent to a proposed consolidation of its share capital on the basis of 20 preconsolidation common shares for one postconsolidation common share, and authorization for the board of directors of the company, at any time within 12 months following the meeting in its absolute discretion, to determine whether or not to proceed with an approved consolidation without further approval, ratification or confirmation by the shareholders.
Currently, a total of 140,741,371 common shares in the capital of the company are issued and outstanding. Accordingly, if the consolidation is put into effect, a total of 7,037,068 common shares in the capital of the company would be issued and outstanding following the consolidation, assuming there are no other changes in the issued capital of the company. There is currently no maximum number of authorized common shares. The consolidation is being proposed in order to allow the company greater flexibility in future financings, and is subject to approval of the shareholders and the TSX Venture Exchange. A change of the company's name to Makena Resources Inc. is proposed if the company proceeds with the consolidation, subject to acceptance for filing by the TSX-V.
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