Eastern Platinum Postpones Trading Date for Consolidated Common Shares

Eastern Platinum Ltd. (TSX:ELR) announced that its common shares will start trading on the Toronto Stock Exchange “on a post split and post consolidated basis” on July 21, 2014. Previously they were to begin doing so on July 18, 2014.

As quoted in the press release:

Pursuant to a special resolution passed by shareholders on June 12, 2014, the Company effected a consolidation of its common shares on a 1,000 old for 1 new basis (the ‘Consolidation’) on July 15, 2015.  Shareholders holding less than one full share post-Consolidation are entitled to a cash payment of $0.11 per share of their holdings on a pre-Consolidation basis in lieu of a fractional share, such amount being equal to the average weighted trading price of the pre-Consolidated Shares on the TSX for the ten trading days preceding the effective date of the Consolidation.  Following the Consolidation, the Company immediately completed a stock split on the basis of 1 old for 100 new, with fractional shares being rounded to the nearest whole number (the ‘Stock Split’).  The Consolidation and Stock Split achieved a 10 to 1 consolidation and eliminated all of the shareholdings of less than 1,000 pre-Consolidation shares in exchange for the cash payment of $0.11 per share.

Click here to read the full Eastern Platinum Ltd. (TSX:ELR) press release.