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ENERGIZER RESOURCES INC T.EGZ

"Energizer Resources Inc is an exploration stage company. It is engaged in the advancement of the Molo Graphite Project, consisting of a commercially minable graphite deposit situated in the African country of Madagascar."


TSX:EGZ - Post by User

Comment by riverrockon Nov 01, 2016 5:00pm
164 Views
Post# 25412516

RE:RE:RE:1:5 to 1:10 reverse stock split proposed

RE:RE:RE:1:5 to 1:10 reverse stock split proposed

Proxy Statement - Notice of Shareholders Meeting (preliminary) (pre 14a)

https://ih.advfn.com/p.php?pid=nmona&article=72768291

Please scroll Down to: PROPOSALS TO BE CONSIDERED BY STOCKHOLDERS

In Proposal No.3 they propose:

“To authorize the board of directors of the Company to effect a reverse stock split of our outstanding common stock in a ratio of between one-for-five and one-for-ten, in their sole discretion, without further shareholder approval, at any time prior to the one year anniversary of this annual meeting; provided that all fractional shares as a result of the split shall be automatically rounded up to the next whole share. The Board of Directors recommends that the Stockholders vote “FOR” this proposal . “

First they degraded the company by creating a large float, then propose reverse splits of either 1 for 5 or 1 for 10, (meaning a new float of about 92.2M shares based on the 1 for 5 proposal) and (46.1M shares based on the 1 for 10 proposal)

In Proposal No.5 they purpose:

“To approve an amendment to the Company's Stock Option Plan to increase the number of stock options authorized to be issued to 46,000,000. The Board of Directors recommends that the Stockholders vote “FOR” this proposal “

They actually want to approve new options that would be from 50% to 100% of the number of shares if Proposal No. 3 were approved.

Why would the large institutional shareholders approve such baloney?

Definitely consider voting against Proposal's No 3 and No 5 and demand they form a JV with reputable partner or partners.

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