Post by
TELEMARKER on Dec 22, 2013 10:30pm
Update
not a shareholder, ND is another 2013 flameout.
T.ND | December 6, 2013
Toronto Stock Exchange Delisting Effective November 20, 2013
Share Consolidation Effective December 6, 2013
Continuance to Cayman Islands Expected to Occur in December 2013
TORONTO, Dec. 6, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold mining company operating in Zimbabwe, announced additional corporate actions that it is taking to implement, on a sequential basis, a 1-for-100,000 consolidation of its common shares (with a fractional share cash-out on the basis of C$0.13 per pre-consolidation common share) (the "Share Consolidation") and a continuance from Canada to the jurisdiction of the Cayman Islands (the "Continuance"). As previously announced, these corporate actions were approved by the shareholders of the Company at a Special Meeting of Shareholders held on November 19, 2013.
Also as previously announced, the Company's common shares were delisted from the Toronto Stock Exchange effective on the close of trading on Wednesday, November 20, 2013.
The Company's Share Consolidation has been implemented by filing articles of amendment to the Company's articles of incorporation effective on December 6, 2013. As a result, shareholders will shortly be receiving new post-consolidation common shares in the Canadian-domiciled New Dawn legal entity, if applicable, and the fractional share cash-out payment. As the new common shares to be issued to shareholders under the Share Consolidation will not have either a CUSIP number or an ISIN number, such common shares will only be issued in physical form.
Following the Share Consolidation, the Company intends to take immediate steps to terminate its reporting obligations to Canadian securities regulators.
Following the implementation of the Share Consolidation, the Company expects to implement the Continuance, which is expected to occur during December 2013. Upon the effectiveness of the Continuance, shareholders will be entitled to exchange their post-consolidation common shares of the Canadian-domiciled New Dawn legal entity for newly issued ordinary shares of the Cayman Islands New Dawn legal entity on a one-for-one basis.
The Company will continue to advise shareholders as appropriate.
Additional information on New Dawn and the matters discussed herein can be obtained on the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com