Business
Centurion Continues Strategic Review; Restructuring; Private Placement
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2019) - Centurion Minerals Ltd. ( TSXV: ...
About this update from Centurion Minerals Ltd.
[{"type":"text","content":"Centurion Continues Strategic Review; Restructuring; Private PlacementVancouver, British Columbia--(Newsfile Corp. - May 9, 2019) - Centurion Minerals Ltd. (TSXV: CTN) (\"Centurion\", or the \"Company\") wishes to update its shareholders and investors on the Company's activities. As previously announced, the Company's Ana Sofia Agri-Gypsum fertilizer Project (\"Ana Sofia\"), remains on standby mode while the Company's Argentine partner purses potential new sales orders in Argentina and Paraguay. Simultaneously, Centurion is continuing its review and evaluation of potential opportunities in Argentina, Uruguay and Paraguay within the cannabis and hemp industry. On a recent trip to Argentina and Uruguay, management held initial meetings with groups directly involved with the industry from an operational, legal and government oversight capacity. Meetings also included preliminary discussions with the Argentine Ministry of Agriculture in order to determine the legalities and necessary steps required to pursue a collaboration agreement with the federal government.The Company wishes to advise the investing community, that there is no guarantee of success on consummating any new strategic transaction. Share ConsolidationCenturion announces that it intends to apply to the TSX Venture Exchange for approval of a consolidation of the Company's issued and outstanding share capital. The proposed consolidation will be on a basis of 1 post-consolidation common share for every 6 pre-consolidation common shares. The Company currently has 82,267,924 shares outstanding and subject to the approval and completion would result in approximately 13,711,320 post consolidation shares outstanding. The number of stock options and warrants and related exercise prices will also be adjusted in accordance with the consolidation ratio.Management and Directors believe the share consolidation is in the best interests of the Company and all stakeholders in order to facilitate and secure additional financing to maintain the Ana Sofia project as well as to pursue additional new business opportunities.Centurion's articles of incorporation authorize the board of directors to approve certain changes to the Company's capital structure, including the consolidation. As such, shareholder approval is not required. The Company does not intend to change its current trading sym...