Running Fox proposes 1:15 rollback, appoints Waters CFO RUNNING FOX NEWS RELEASE AGM
Running Fox Resource Corp. will ask shareholders to approve a special resolution at the upcoming annual general meeting to change the company's name and to consolidate the shares on a basis of one new share for up to 15 old shares as one of the reorganization steps in order to be competitive in the marketplace.
If approved, the final rollback ratio, if any, will be at the discretion of the company's directors and announced prior to any rollback in due course.
Under current TSX Venture Exchange policy, no exchange approval is required for share rollbacks that utilize a consolidation ratio of not more than 1:10 in any 24-month period.
At the AGM, shareholders may approve a rollback ratio of up to 1:15, and, if the company seeks a ratio of greater than 1:10, then exchange approval will be required.
The share consolidation, or share rollback, would be in a ratio of one new share for up to 15 old shares (share rollback maximum is 1:15). The number of postconsolidation shares issued and outstanding would be dependent on the specific ratio that the common shares will be consolidated. Specifics of a name change would be announced in due course as applicable. Completion of a name change is subject to TSX Venture Exchange approvals.
Fractional postconsolidation common shares would not be issued, fractional shares resulting from a consolidation would be rounded down to the nearest whole number, and no cash consideration will be paid in respect of fractional shares.
The company has also appointed Wayne Waters as chief financial officer in place of Chris Loosley and thanks Mr. Loosley for his service to the company.
Steve Schurman is a certified professional geologist (CPG) and has reviewed this release on behalf of Running Fox Resource.
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