VANCOUVER, B.C., Sept. 12, 2017 (GLOBE NEWSWIRE) -- Carmax Mining Corp. (“Carmax” or the “Company”) (TSX-Venture:CXM) announces that it will hold a special meeting of shareholders on November 13, 2017 on authorizing Carmax’s board of directors to consolidate the Company’s issued and outstanding common shares at a ratio of one post-consolidation common share to be issued for every 2 pre-consolidated common shares previously held (the “Consolidation”). The Consolidation is subject to the receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
As a result of the Consolidation, the Company's currently issued and outstanding 110,242,525 common shares will be reduced to 55,121,262 common shares after rounding adjustments. All fractional common shares resulting from the Consolidation will be rounded down to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (2:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices.
“Given both the recent increase in the price of copper and the overall positive market outlook, our objective for 2018 is to be financially well-positioned to fund a sizeable exploration program at our Eaglehead Copper Porphyry project,” comments Jevin Werbes, President & CEO.
About Carmax
Carmax is a Canadian company engaged in exploration for porphyry copper-gold-molybdenum deposits in northwestern British Columbia.
