Golden Chalice plans one-for-nine share rollback
2010-09-13 01:50 ET - News Release
Mr. Steve de Jong reports
GOLDEN CHALICE RESOURCES CORPORATE UPDATE
Golden Chalice Resources Inc. has provided a corporate update regarding its continuing exploration projects, and has announced a share consolidation and name change.
Project updates
The company is continuing to evaluate its early stage gold projects and has begun planning a number of exploration programs. Trenching was recently completed at the Brinklow gold project on coincidental soil geochemistry/IP anomalies. The company is awaiting assays.
Bids from a number of environmental firms are in the process of being considered as the company looks to advance the Langmuir nickel project. A baseline environmental study on the deposit is being conducted, representing the beginning of the next phase toward development.
Drill targets for the company's Radio Hill iron-ore project are being finalized. The company believes the Radio Hill project has significant tonnage potential and intends to drill this year.
Share consolidation and name change
The company announces that the board of directors has unanimously approved a consolidation of its share capital on the basis of one new common share for up to every existing nine common shares, subject to approval of the shareholders of the company and regulatory approval. Where the exchange results in a fractional share, the number of common shares will be rounded to the nearest whole common share. The board of directors believes that the consolidation will enhance the marketability of the common share as an investment and should facilitate additional financings to finance future operations. Shareholder approval of the proposed consolidation will be sought at the company's upcoming annual general and special shareholders meeting to be held on Oct. 6, 2010. The record date for the proposed consolidation will be set subsequent to both the requisite shareholder and regulatory approvals being obtained. The company currently has a total of 157,112,909 common shares issued and outstanding, and no preferred shares. In the event the required shareholder and regulatory approvals are obtained, and the company effects the full one new common share for every existing nine common shares consolidation, the company would have a total of 17,456,990 common shares issued and outstanding. In connection with the consolidation, the name of the company will be changed to a name to be decided upon by the board of directors, subject to regulatory approval.
We seek Safe Harbor.
