rolling down the highway...
Arian cancels placement, to roll back shares 1:10
2016-07-08 20:20 ET - News Release
Mr. Robert Naso reports
ARIAN ANNOUNCES PRIVATE PLACEMENT OF $497,000
Arian Resources Corp., further to its news release of May 10, 2016, will not be proceeding with the non-brokered private in the principal amount of up to $497,000.
The company announces that it intends to proceed with a consolidation of its common shares on the basis of 10 preconsolidation shares for one postconsolidation share.
Currently, a total of 139,552,880 shares are issued and outstanding. Accordingly, if the consolidation is put into effect, a total of 13,955,288 shares would be issued and outstanding, assuming there are no other changes in the issued capital of the company. There is currently no maximum number of authorized shares.
The consolidation is being proposed in order to provide the company with increased flexibility to seek additional financing opportunities and is subject to approval of the TSX Venture Exchange.
We seek Safe Harbor.
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