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Georox Resources Announces Proposed Share Consolidation, Private Placement of up to $700,000 and New Director
Georox Resources Announces Proposed Share Consolidation, Private Placement of up to $700,0...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\nGeorox Resources Announces Proposed Share Consolidation, Private Placement of up to $700,000 and New Director\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nGeorox Resources Announces Proposed Share Consolidation, Private Placement of up to $700,000 and New Director\nCanada NewsWire\nKELOWNA, BC, April 20, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nKELOWNA, BC, April 20, 2016 /CNW/ - Mr. Burkhard Franz, President and Chief Executive Officer of Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR: TSX-V; OF6A:FRA) wishes to announce several developments with respect to the Corporation's financial affairs. \n\nShare Consolidation\n\nOn April 30, 2015, the shareholders of Georox approved a special resolution authorizing (if and when the board of directors of the Corporation deemed it appropriate to do so, but in any event such authorization to be valid only until the next annual shareholders meeting, and subject to TSX Venture (\"TSX-V\") approval) a share consolidation of Georox's outstanding common shares (\"Common Shares\") at a share consolidation ratio of one (1) post-consolidation Common Share for every three (3) pre-consolidation Common Shares (the \"Consolidation\").\n\nOn April 19, 2016, the Georox board of directors resolved to effect the Consolidation, subject to TSX-V approval. The Georox board resolved to proceed with the Consolidation after considering the best interests of the Corporation and its shareholders. \n\nGeorox currently has 45,826,687 Common Shares issued and outstanding. After giving effect to the Consolidation, but before consideration of the proposed private placement discussed below, Georox will have 15,275,562 Common Shares outstanding on a basic basis.\n\nOnce implemented, the Consolidation will not change the par value per share of the Common Shares or the Corporation's authorized share capital and each shareholder will hold the same percentage of Common Shares outstanding immediately after the Consolidation as such shareho...