Business
Inventus Announces Proposed Consolidation
TORONTO, ONTARIO--(Marketwired - April 12, 2016) - Inventus Mining Corporation (the "Corporation" or "Inventus") (TSX VENTURE:IVS) announces that it is proposin
About this update from Inventus Mining Corp.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 12, 2016) - Inventus Mining Corporation (the \"Corporation\" or \"Inventus\") (TSX VENTURE:IVS) announces that it is proposing to consolidate its issued and outstanding common shares (the \"Common Shares\"). Additional information relating to the proposed consolidation is included in the management information circular of the Corporation dated April 5, 2016 (the \"Circular\"), which is available on the Corporation's issuer profile on SEDAR at www.sedar.com. The Corporation mailed the Circular with respect to its annual and special meeting of shareholders (the \"Shareholders\") scheduled for May 5, 2016 (the \"Meeting\"). As part of that Meeting, Shareholders will be asked to approve a special resolution to amend the articles of the Corporation to consolidate the issued and outstanding Common Shares on the basis of one (1) post-consolidation Common Share for every two (2) pre-consolidation Common Shares (the \"Consolidation\"). There are currently 85,183,806 Common Shares issued and outstanding. Upon the Consolidation becoming effective, it is expected there will be approximately 42,591,903 post-consolidation Common Shares in the capital of the Corporation issued and outstanding on a non-diluted basis. The board of directors of Inventus (the \"Board\") has concluded that the Consolidation would be in the best interests of the Shareholders as it could lead to increased interest by a wider audience of potential investors and could better position the Corporation to obtain financing and pursue acquisition opportunities. Notwithstanding the foregoing, the Board may determine not to implement the Consolidation at any time after the Meeting and after receipt of necessary regulatory approvals, but prior to the issuance of a certificate of amendment, without further action on the part of the Shareholders. If the resolution approving the Consolidation is passed by Shareholders at the Meeting, the Board shall have until the next annual meeting of Shareholders to implement the Consolidation in its sole discretion. 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. The Consolidation is subject to Share...