TORONTO, Jan. 17, 2018 /CNW/ - Anaconda Mining Inc. ("Anaconda" or the "Company") (TSX:ANX) is pleased to announce that it is proceeding with its proposed consolidation (the "Share Consolidation") of its share capital on the basis of four (4) existing common shares for one (1) new common share. The Share Consolidation was previously approved by shareholders at a meeting held on May 8, 2017 and has been conditionally approved by the Toronto Stock Exchange (the "TSX").
Currently, a total of 423,430,258 common shares in the capital of the Company are issued and outstanding. Accordingly, once put into effect on the basis of four (4) existing common shares for one (1) new common share, a total of approximately 105,857,564 common shares in the capital of the Company would be issued and outstanding, assuming no other change in the issued capital. The Share Consolidation is anticipated to become effective on or about January 18, 2018.
The Company's common shares are expected to begin trading on the Toronto Stock Exchange (the "TSX") on a consolidated basis under the same trading symbol ANX on or about January 22, 2018. The new CUSIP and ISIN numbers for the consolidated shares are 03240P207 and CA03240P2070, respectively. Shareholders who hold their shares through a securities broker or dealer, bank or trust company, will not be required to take any action with respect to the share consolidation. Letters of transmittal will be mailed to the registered holders of the Company's common shares, requesting that they forward their pre-consolidation share certificates to the Company's transfer agent, TSX Trust Company, for exchange for new share certificates representing their common shares on a post-consolidation basis. No fractional shares will be issued in connection with the Share Consolidation.
The Share Consolidation will also affect the Company's granted stock options and issued warrants at the effective date. At the time of the Share Consolidation, the number, exchange basis or exercise price of all stock options and warrants will be adjusted, as applicable, to reflect the four-for-one Share Consolidation. The actual adjustment will be made by the Company in consultation with its advisors.
Please refer to the management information circular of the Company dated April 3, 2017 for additional details on the Share Consolidation. The circular is available on the Company's profile on SEDAR at www.sedar.com.
ABOUT ANACONDA
Anaconda Mining is a TSX-listed gold mining, development, and exploration company, focused in the prospective Atlantic Canadian jurisdictions of Newfoundland and Nova Scotia. The Company operates the Point Rousse Project located in the Baie Verte Mining District in Newfoundland, comprised of the Pine Cove open pit mine, the fully-permitted Pine Cove Mill and tailings facility, the Stog'er Tight and Argyle deposits, and approximately 5,800 hectares of prospective gold-bearing property. In addition, Anaconda is developing the Goldboro Project in Nova Scotia, a high-grade Mineral Resource, with the potential to leverage existing infrastructure at the Company's Point Rousse Project.
The Company also has a pipeline of organic growth opportunities, including the Viking and Great Northern Projects on the Northern Peninsula and the Tilt Cove Property on the Baie Verte Peninsula.
