Business
Solitaire Minerals Corp. Extraordinary General Meeting
VANCOUVER, Jan. 30 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT) announces that at its extraordin...
About this update from Pegasus Resources Inc
[{"type":"text","content":"\n\n\n\nVANCOUVER, Jan. 30 /CNW/ - Solitaire Minerals Corp. (TSX-V: SLT)\nannounces that at its extraordinary general meeting, scheduled for February\n27, 2009 (the "Meeting"), shareholders will be asked to consider to approve a\nconsolidation of the Company's common shares on the basis of one (1)\npost-consolidated share for every five (5) pre-consolidated shares (the\n"Consolidation"). If the Consolidation is approved by a special majority of\nshareholders at the Meeting, being two-thirds of the shareholders voting in\nperson at the Meeting or by proxy, the directors will have the sole discretion\nto implement the Consolidation, provided that the consolidation ratio (the\n"Consolidation Ratio") is no more than one (1) post-consolidated share for\nevery five (5) pre-consolidated shares, subject to the approval of the TSX\nVenture Exchange. The Company does not intend to change its name in connection\nwith the Consolidation.\n\n\nAs of the Record Date for the Meeting and currently, the Company has\n114,854,750 issued and outstanding common shares. If the Consolidation were\nconducted on a five (5) for one (1) basis, the Company would have\napproximately 22,970,950 shares outstanding following the Consolidation. The\nexact number of post-consolidated shares will vary depending on the treatment\nof fractional shares, which will occur when each shareholder's holdings in the\nCompany are consolidated. Outstanding stock options and warrants will also be\nadjusted by the Consolidation Ratio and the respective exercise prices of\noutstanding stock options and warrants will be adjusted accordingly. At the\nMeeting, the Company will also be seeking disinterested shareholder approval\nfor the re-pricing (on a post-consolidation basis) of certain stock options\ngranted to insiders of the Company.\n\n\nManagement of the Company believes that further equity financing is\nrequired in order for the Company to fund its current working capital\nrequirements and for future business purposes. It is management's opinion that\nthe Company's existing issued and outstanding share capital is not conducive\nto completing such additional equity financing and that the Consolidation is\nrequired in order to attract new equity investment in the Company.\n\n\nDetails of the Consolidation are contained in the Company's informatio...