Premium Exploration Announces Proposed Share Consolidation
(via Thenewswire.ca)
Vancouver, British Columbia - (Accesswire) - August 7th, 2013 - Premium Exploration Inc. (TSX-V:PEM; OTCQX:PMMEF) ("Premium" or the "Company"), announces that it will be holding a Special Meeting on September 18th, 2013, to seek shareholder approval for a proposed consolidation (the "Consolidation") of its issued and outstanding common shares.
Premium will be seeking shareholder approval to authorize, and approve the implementation by Premium's Board of Directors of a consolidation of all of its Common Shares on a ratio of Twenty (20) pre-consolidation Common Shares for every One (1) post-consolidation Common Share (the "Consolidation Ratio"). Shareholder approval of the Consolidation will authorize Premium's Board of Directors to determine the Consolidation Ratio and to implement the Consolidation at any time within twelve months of such shareholder approval.
Consolidating the outstanding shares will provide Premium with a platform to better access equity markets, raise capital, and move the Company and its projects forward. The proposed Consolidation is subject to shareholder approval and supporting documentation being accepted for filing by the TSX Venture Exchange.
Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent, Computershare Trust Company of Canada, as soon as practicable after the effective date of the Consolidation. The letter of transmittal will enable registered shareholders to exchange their old share certificates representing pre-Consolidation common shares for new share certificates representing the post-Consolidation common shares.
The Company currently has 143,153,082 issued and outstanding common shares. Pursuant to the Consolidation, each Twenty (20) pre-Consolidation common shares will be consolidated into one (1) post-Consolidation common share. Accordingly, on completion of the Consolidation, the Company will have approximately 7,157,654 common shares issued and outstanding.
Premium's trading symbol and name will not change as a result of the Consolidation, and will remain "PEM" on the TSX Venture Exchange.
