VANCOUVER, BRITISH COLUMBIA, Feb 21, 2012 (MARKETWIRE via COMTEX) -- Yankee Hat Minerals Ltd. ("Yankee Hat" or the "Company") (tsx venture:KHT) announces that further to the Company's news releases of December 7, 2011 and January 9, 2012, the Board has resolved to proceed with a consolidation of its common shares on the basis of every one (1) post-consolidated common share for every twenty-five (25) pre-consolidated common shares held (the "Consolidation"). The Consolidation was approved by the shareholders of the Company at the Company's annual general and special meeting held on December 20, 2011.
The Company intends to effect the Consolidation immediately.
Details of the Consolidation are contained in the Company's information circular dated November 15, 2011, which was mailed to shareholders and filed on SEDAR at www.sedar.com .
The Company currently has 131,006,203 issued and outstanding common shares and the Company and will have approximately 5,240,248 common shares issued and outstanding post-consolidation. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants would similarly be adjusted by the Consolidation ratio.
The Company will not be changing its name and trading symbol in connection with the consolidation.
The Consolidation is subject to all necessary regulatory approvals, including the approval of the TSX Venture Exchange.
The Consolidation will provide the Company with a better capital structure in order to attract financing.