VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 26, 2017) - Abacus Mining & Exploration Corporation ("Abacus" or the "Company") (TSX VENTURE:AME) is pleased to announce that at the Special General Meeting of the shareholders of the Company held on April 25, 2017, Abacus' shareholders approved the previously announced consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of one (1) post-consolidation Common Share for every six (6) pre-consolidation Common Shares (the "Consolidation").
Subject to the approval of the TSX Venture Exchange ("TSXV"), the Common Shares will begin trading on the TSXV on a post-consolidated basis at market open on Monday, May 1, 2017, and the Company will continue to trade under the symbol "AME" on the TSXV. It is expected that the Consolidation will reduce the number of outstanding Common Shares from approximately 234,807,611 Common Shares to approximately 39,134,602 post-consolidation Common Shares on a non-diluted basis. No fractional Common Shares will be issued under the Consolidation. Any fractions of a Common Share resulting from the Consolidation will be dealt with in accordance with the Business Corporations Act (BC), as more particularly described in the Company's management information circular dated March 24, 2017.
No further action on the part of the shareholders will be required in order for the Board to implement the Consolidation. Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated Common Shares will be mailed shortly to registered shareholders. Common Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the consolidation ratio through each shareholder's brokerage account. Non-registered shareholders should consult their broker for further information.
Management believes the Consolidation is in the best interest of shareholders. It should increase the Company's flexibility and competitiveness in the market place and make the Company's securities more attractive to a wider audience of potential investors and other interested parties. Notwithstanding approval of the Consolidation by the shareholders, the Board, in its sole discretion, may revoke the resolution approving the Consolidation and abandon the Consolidation without further approval, action by, or prior notice to shareholders.
About Abacus
Abacus is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic Ajax-Afton site southwest of Kamloops, B.C., and an option to acquire up to a 75% undivided interest in the Willow porphyry copper-gold property located in Nevada. The Ajax Project is a proposed copper-gold open-pit mine currently undergoing a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the Ajax Mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd. For the latest reports and information on Abacus' projects, please refer to the Company's website at www.amemining.com.
