ROLLBACK ON THE 25 OF FEB
Elkwater's share consolidation to take effect Feb. 25
2015-02-23 07:39 ET - News Release
Mr. Doug Bailey reports
ELKWATER RESOURCES LTD. ANNOUNCES RESULTS OF SHAREHOLDER MEETING, INCLUDING APPROVAL OF SHARE CONSOLIDATION AND NAME CHANGE
Elkwater Resources Ltd. has released the results of the annual general and special meeting of shareholders held on Feb. 19, 2015.
Share consolidation and name change
The company is pleased to announce that it will proceed with the previously approved share consolidation and name change. On the effective date, which is expected to be on or about Feb. 25, 2015, the currently outstanding common shares of Elkwater will be consolidated on the basis of one new common share for 20 existing common shares, and the company's name will be changed to Striker Exploration Corp. In the event that the number of existing common shares held by a shareholder is not evenly divisible by 20, the number of postconsolidation common shares issued to such shareholder shall be rounded up to the next greater whole number if the fractional entitlement is equal to or greater than 0.5 and shall be rounded down to the next lesser whole number if the fractional entitlement is less than 0.5.
The company presently has 536,604,722 common shares issued and outstanding. Upon giving effect to the consolidation, the corporation will have approximately 26,830,236 common shares, six million common share purchase warrants, 2,997,500 performance warrants and 2,541,250 stock options issued and outstanding (subject to fractional rounding). The company believes that the consolidation is necessary to attract continuing investment.
The consolidation and name change were approved by the shareholders at the meeting. The consolidation and name change are subject to TSX Venture Exchange approval. The company expects that the trading of its common shares on the TSX-V under the name Striker Exploration will commence on or about March 2, 2015.
Election of directors
The company also announces that, at the meeting, the six nominees were elected as directors of the company to serve until the next annual meeting of shareholders of the company, or until their successors are elected or appointed. The directors of the company are Doug Bailey, John Ferguson, John O'Connell, Kevin Olson, Neil Roszell and Patrick Ward.
Stock options
The company also announces that pursuant to the terms and conditions of its incentive stock option plan, it has granted, in the aggregate, 50,825,000 stock options (prior to giving effect to the consolidation) to purchase common shares to certain of its directors, officers, employees and consultants, of which 40.6 million were granted to its directors and officers. The options vest over three years (one-third on each of the first, second and third anniversaries of the grant date). The options are exercisable at a price (prior to giving effect to the consolidation) of 12 cents per common share, representing the closing price of the common shares on the TSX-V on Feb. 20, 2015.
We seek Safe Harbor.