VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 3, 2014) - Iconic Minerals Ltd. (TSX VENTURE:ICM)(FRANKFURT:YQG) announces that In accordance with the terms of its Yellow Lake Property Option Agreement (see News Releases March 13, 2013 and April 10, 2013), on April 2, 2014 the Company issued 1,000,000 common shares at a deemed value of $0.05 per share to the Vendors, representing the second of four staged issuances of shares to be made over a period of five years under the Agreement. These shares are subject to a hold period under applicable Canadian securities laws expiring August 3, 2014.
Iconic further announces that it intends to consolidate its share capital on 4 old shares for 1 new share basis, to be implemented by the Company's Board of Directors in its discretion, subject to receipt of acceptance from the TSX Venture Exchange ("TSX-V"). The Company does not intend to change its name in connection with the consolidation.
The Board of Directors has approved the consolidation by consent resolution dated April 2, 2014. The action is being undertaken to improve on the current trading price for the Company's securities, as it falls below the minimum price requirements for exempt distribution (non-brokered private placements) as set out by TSX-V corporate financing Policy 4.1.
The consolidation will affect all shareholders uniformly (except for the treatment of post-consolidated fractional common shares) and will not affect any shareholders' proportional ownership interest in the Company. Any fractional common shares resulting from the 4:1 consolidation will be rounded to the nearest whole common share, with any fraction of 0.5 or above rounded up.
The Company will disseminate a further News Release upon receipt of acceptance from the TSX-V, which will set out the Effective Date for the consolidation.
On behalf of the Board of Directors
Richard Kern, Chief Executive Officer
For further information on ICM, please visit our website at www.iconicmineralsltd.com.
The Company's public documents may be accessed at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.