Murchison Minerals Ltd. Announces Consolidation
Toronto, Ontario (FSCwire) - Murchison Minerals Ltd. (“Murchison” or
the “Company”) (CSE: MUR) announces that it intends to consolidate its current issued and outstanding share capital on a
10 old for 1 new basis (the “Consolidation”) as previously announced. The record date for the
Consolidation is August 12, 2016.
At an annual and special meeting of the shareholders of the Company held on April 6, 2016, shareholders of the
Company approved a consolidation of the outstanding common shares on the basis of one post-Consolidation common share for up to
twenty (20) outstanding pre-Consolidation common shares. The Company will not issue any fractional post-Consolidation common
shares as a result of the Consolidation. Instead, all fractional shares will be rounded up to the next whole common
share. A further announcement will be made advising of the completion of the Consolidation. The post-Consolidation common
shares will commence trading on the Canadian Securities Exchange (“CSE”) under same name and ticker symbol (MUR)
on August 10, 2016, at which time the CUSIP and ISIN numbers of the Company will change to 626426209 and CA6264262099,
respectively.
The Company currently has 158,536,884 issued and outstanding common shares. Following the Consolidation, it is
anticipated that the Company will have approximately 15,853,688 issued and outstanding common shares. The exercise or
conversion price and the number of common shares issuable under any of the Company's outstanding warrants and options will be
proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
Letters of transmittal with respect to the Consolidation will be mailed to all registered shareholders of the
Company to use to exchange their pre-Consolidation common shares into post-Consolidation common shares on or around August
10, 2016. A copy of the letter of transmittal will be filed on the Company's issuer profile on SEDAR at www.sedar.com, and on its issuer profile at www.thecse.com. Each registered shareholder that submits a duly completed letter of
transmittal along with such registered shareholder’s share certificate(s) representing pre-Consolidation common shares to the
Company's transfer agent, Computershare Investor Services Inc., (the “Transfer Agent”), will receive share
certificates representing the number of post-Consolidation common shares to which the registered shareholder is entitled.
Until so surrendered, each share certificate representing pre-Consolidation common shares of the Company will represent the
number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. Shareholders
of the Company that hold common shares through a bank, broker or other nominee should note that banks, brokers or other nominees
may have different procedures for processing the Consolidation than those put in place by the Company and the Transfer Agent.
Such shareholders may not be required to complete a letter of transmittal.
The Company believes that the Consolidation will be beneficial to the Company in that it is expected to, among
other things, provide the Company with greater flexibility in attracting financing.
About Murchison
Murchison is a Canadian based exploration company with a diversified portfolio of properties, including the high-grade
Brabant-McKenzie zinc-copper-silver deposit in north-central Saskatchewan, the HPM Nickel/Copper/Cobalt project in Quebec and
holds gold claims in the Pickle Lake area of northwestern Ontario. Murchison also owns the Cloridorme high alumina shale
formation, which is contiguous and essentially an extension of the Marin deposit of Orbite Technologies Inc. located on the Gaspe
Peninsula in eastern Quebec.
Additional information about Murchison and its exploration projects can be found at www.murchisonminerals.com.
Erik Martin, Chief Financial Officer
Or
Kent Pearson, President and Chief Executive Officer
At
info@murchisonminerals.com
(416) 350 - 3776
Forward-Looking Information
Certain information set forth in this news release may contain forward-looking information that involves substantial known
and unknown risks and uncertainties. This forward-looking information is subject to numerous risks and uncertainties, certain of
which are beyond the control of the Company, including, but not limited to, the impact of general economic conditions, industry
conditions, and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking information. The parties undertake no obligation to update forward-looking information
except as otherwise may be required by applicable securities law.
NEITHER THE CSE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE
CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Murchison07292016_0.pdf
Source: Murchison Minerals Ltd. (CSE:MUR)
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