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Centurion Minerals Ltd. (TSXV: CTN) ("Centurion", or the "Company") reports that the Company intends to undertake a four (4) for one (1) share consolidation whereby four common shares of the Company ("Common Shares") shall be exchanged for one post-consolidation common share of the Company ("Post-Consolidation Shares"). The Company currently has 55,469,521 Common Shares issued and outstanding and would have approximately 13,867,380 Post-Consolidation Shares. All outstanding warrants (17,998,750) and incentive stock options (2,350,000) would be consolidated on the same basis pursuant to the certificates evidencing such warrants and options.
Centurion's Board of Directors anticipates the share consolidation will give the Company more flexibility to secure less dilutive financing and expand both its current project exploration strategy and project portfolio. The Company's articles authorize the Board of Directors to approve the share consolidation and the Board has approved the consolidation. No shareholder approval is required. The Company will not be changing its name or stock symbol.
Upon completion of the consolidation and TSX-V exchange (the "TSXV") approval, a "Letter of Transmittal" will be mailed to shareholders holding physical certificates by the Company's transfer agent (Endeavor Trust Company), advising that the consolidation has taken effect and shareholders should surrender their existing (pre-consolidation) common share certificates, for new (post-consolidation) common share certificates. No fractional common shares of the Company shall be issued in connection with the consolidation and the number of common shares to be received by a Shareholder shall be rounded down to the nearest whole number.
About Centurion Minerals Ltd.
Centurion Minerals Ltd. is a Canadian-based company with a focus on precious mineral asset exploration and development in the Americas. Centurion has the right to earn a 100% interest in the Casa Berardi West Gold Project which is located in the prolific gold-producing, greenstone belt of north-eastern Ontario.
"David G. Tafel"
President and CEO
For Further Information Contact:
David Tafel
604-484-2161
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.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute "forward-looking information" within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" or similar expressions and includes information regarding: (i) expectations regarding obtaining the approval of the TSXV for the consolidation and (ii) expectations for other economic, business, and/or competitive factors for the consolidation.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflect the Company's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the approval of the TSXV. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company have attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/269696
