Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 27, 2013) - Running Fox Resource Corp. (TSX VENTURE:RUN)(PINKSHEETS:RFXRF) - Steven Schurman, CPG, Director, advises that due to the condition of the capital markets the Company will take measures to enhance corporate goals and improve shareholder value including joint-ventures, the sale of all or part of current projects, mergers, amalgamations, and a share consolidation and name change.
The share consolidation, or share rollback, would be in a ratio of up to twelve old shares to one new share. (share roll back max 12 to 1)
The number of post-consolidation shares issued and outstanding would be dependent on the specific ratio that the common shares will be consolidated.
The rational for a consolidation of its issued and outstanding common shares follows a review of the junior resource capital markets, and an assessment of the Company's growth and strategic objectives, and would provide significant benefits to the company and its shareholders.
Following a consolidation, any share payments as consideration for potential acquisitions would be enhanced, and a reduced total outstanding share count would assist the Company to remain competitive with other competing resource issuers.
A consolidation would not reduce the inherent value of the Company, but it may positively affect its ability to achieve objectives.
A shareholder would still own the same percentage of the Company as prior to a share consolidation.
Specifics of name change and other transactions would be announced in due course as applicable. Completion of a name change/consolidation is subject to shareholder and TSX-V approvals. Fractional post-consolidation common shares would not be issued, fractional shares resulting from a consolidation would be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares.
Report on 2013 Annual General Meeting:
At the July 16, 2013 AGM all resolutions were approved by the shareholders.
All three incumbent directors were re-elected with the following identical "FOR" vote counts and the respective percentage of the Company's total issued and outstanding common shares:
14,357,082 common shares voted FOR each of the three individual directors;
or 26.2 % of total 54,770,548 issued and outstanding common shares voted FOR each of the three individual directors.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.