Post by
chrisaccord on Dec 20, 2010 1:05pm
Interesting indeed !
At 2009's AGM a 10 for 1 reverse split was approved. It had to be done by last Saturday (Dec. 18, 2010.) It was not. At the companies last AGM on Nov. 26, 2010 there was no reverse split proposed so there is no reverse split pending.
CAPITAL STOCK
a) In August 2010, the Company completed a private placement where it issued 3,100,000 units at a price of
.10 per unit, for total proceeds of $310,000. Each unit consists of one common share and one common share purchase warrant, exercisable at a price of
.15 per for a two year period.
b) In August 2010, 3,480,000 share purchase warrants were exercised by shareholders at
.075 per share for proceeds of $261,000.
Consolidation
At the Company’s annual general and special meeting held on December 18, 2009, the Shareholders’ approved,
by special resolution, the proposed consolidation of the Company’s issued and outstanding common shares on the basis of ten (10) common shares being consolidated into one (1) common share, to be effected at the discretion of the Company’s board of directors. The Company’s board of directors has 12 months to proceed with the share consolidation, subject to Exchange approval. As at the date of the financial statements the board has not proceeded with the proposed consolidation.