Kitrinor Announces Shareholder Approval of Consolidation and Provides Corporate Update

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[{"type":"text","content":"Kitrinor Announces Shareholder Approval of Consolidation and Provides Corporate UpdateTORONTO, ON / ACCESSWIRE / November 24, 2016 / Kitrinor Metals Inc. (TSXV: KIT) (the \"Company\") is pleased to announce that, at the annual and special meeting of its shareholders held on November 22, 2016, shareholders approved, among other things, the consolidation of the outstanding common shares (\"Common Shares\") of the Company on a 10 pre-consolidation Common Shares for 1 post-consolidation Common Share basis. In the event the consolidation would result in a shareholder of the Company holding a fraction of a Common Share a shareholder shall not receive a whole share of the Company for each such fraction.\nFollowing the consolidation, the Company will have approximately 2,430,638 Common Shares outstanding. The change in the number of issued and outstanding Common Shares resulting from the consolidation will not affect any shareholder's percentage ownership in the Company, although such ownership will be represented by a smaller number of Common Shares. The Company will not be changing its name in connection with the consolidation. The consolidation is subject to the approval of the TSX Venture Exchange.\nUpon completion of the consolidation, the previously issued special warrants of the Company will be converted into units (\"Units\") of the Company. Each Unit is comprised of one Common Share and one Common Share purchase warrant of the Company (each a \"Warrant\"). Each Warrant entitles the holder thereof to purchase one Common Share on or before October 11, 2019 at a price of $0.10 per Common Share (on a post-consolidated basis).\nThe Company is also pleased to announce the election of Lisa McCormack and Arvin Ramos as directors of the Company. Mr. Patrick Mohan has ceased to be President and Chief Executive Officer and Ms. McCormack has been appointed in his stead. Mr. Mohan will remain a director of the Company. The Company would like to thank Richard Kellam and Andrew Budning for their contributions to the Company and wish them every success in their future endeavours.\nMr. Ramos is the Chief Financial Officer of the Company. He holds a degree in commerce and is a member of the Chartered Professional Accountants of Ontario. Mr. Ramos has over 15 years of business experience, having supported a broad range of industries, including mi...

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