Toronto, Ontario – November 11, 2016 - MacDonald Mines Exploration Ltd. (TSX-V: BMK) (“MacDonald Mines”, “MacDonald” or the “Company”) announces that it will proceed with a one (1) new for every ten (10) old consolidation (10:1) (the “Conversion Ratio”) of its Class A common shares (the “Consolidation”) subject to the approval of the TSX Venture Exchange (“TSXVE”). This follows the approval of the Consolidation by the Company’s shareholders at its Annual and Special Meeting held on June 15, 2015, and a decision by the Board of Directors to proceed with the Consolidation. There will be no name change in conjunction with the Consolidation.
The Company will continue to trade under the symbol “BMK” on the TSXVE. There are currently 302,743,090 Common Shares outstanding; after giving effect to the Consolidation there will be approximately 30,274,309 Common Shares outstanding.
Management believes the share consolidation is in the best interest of shareholders. It will improve MacDonald Mines’ ability to attract new investors and to raise the capital required to identify, acquire and advance new projects.
The shares will begin trading on the TSXVE on a post-consolidated basis on a date to be determined by consultations with the TSXVE. No fractional shares will be issued in connection with 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. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder’s brokerage accounts. Non-registered shareholders should consult their broker for further information.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd is a mineral exploration company headquartered in Toronto, Ontario, Canada. Previously focused on Copper and Zinc (VMS), and Nickel exploration in the Ring of Fire region of Northern Ontario, the company is now directing its efforts towards the identification, acquisition and development of projects that demonstrate the greatest market potential for return.
For more information about the Company visit www.macdonaldmines.com
Safe Harbour: This press release contains statements that may constitute “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking statements contained in this press release. No assurance can be given that the forward-looking statements will transpire or occur or, if any of them do so, what benefits the Company will derive there from. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.