Torex Announces Ten for One Share Consolidation une 14, 2016 06:00 ET
Torex Announces Ten for One Share Consolidation
TORONTO, ONTARIO--(Marketwired - June 14, 2016) - Torex Gold Resources Inc. (the "Company" or "Torex") (TSX:TXG) announced that the Company's Board of Directors has authorized the implementation of the consolidation (the "Consolidation") of the Company's issued and outstanding common shares ("Common Shares") on the basis of one post-consolidation Common Share for every ten pre-consolidation Common Shares, effective June 30, 2016.
The Consolidation was approved by shareholders of the Company at a meeting (the "Meeting") held on June 9, 2016, and is described in the management information circular of the Company dated May 2, 2016.
The approximately 787 million Common Shares currently outstanding will be reduced to approximately 78.7 million Common Shares, as approved by shareholders at the Meeting. No fractional shares will be issued. Any fractions of a share will be rounded down to the nearest number of Common Shares that is a multiple of ten. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding stock options and restricted share units will be proportionately adjusted upon consolidation. A letter of transmittal will be sent to registered shareholders providing instructions to surrender the certificates evidencing their Common Shares for replacement certificates representing the number of Common Shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate representing Common Shares prior to the Consolidation will be deemed for all purposes to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation.
The Consolidation has received conditional approval from the Toronto Stock Exchange (the "TSX"). The Common Shares will continue to be traded on the TSX under the symbol "TXG" on a post-consolidation basis, under a new CUSIP number - 891054603. The Company's Common Shares are expected to begin trading on a post-consolidation basis on the TSX when markets open on July 5, 2016.