Business
Abitex Resources Share Consolidation and Name Change
VAL-D'OR, QC, March 29, 2013 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the " Corp...
About this update from Vision Lithium, Inc.
[{"type":"text","content":"\n\n\n\n\n\nVAL-D'OR, QC, March 29, 2013 /CNW Telbec/ - Abitex Resources Inc. (TSXV: ABE) (the \"Corporation\" \"Abitex\") provides the following corporate update to its shareholders:\n\n\nThe Corporation's annual general and special meeting (\"AGSM\") was held\n February 28th at the Corporation's offices in Val d'Or, Quebec. Proxy votes totalling\n 18.5M representing 19.45% of the total outstanding common shares of the\n Company were cast at the meeting. All directors were elected with 85%\n of admissible votes, nomination of auditors was approved with 99% of\n admissible votes and re-approval of the stock option plan received\n 83.7% of votes. Two special resolutions were also approved by the\n shareholders at the AGSM. The special resolutions proposing a\n consolidation of the Company's share capital, which required approval\n by no less than two-thirds of the votes cast, and a name change were\n both approved with 97.5% support of admissible votes.\n\n\nShare Consolidation and Name Change\n\n\nFollowing the AGSM, the Board of Directors of the Company has decided to\n proceed with the share consolidation and name change approved by\n shareholders.\n\n\nThe consolidation of common shares of the Corporation will be done on\n the basis of ten (10) existing shares for one (1) new common share. No\n fractional shares will be issued; all fractional shares will be rounded\n up or rounded down to the nearest whole number. Once the Share\n Consolidation is implemented, the number of outstanding securities of\n the Corporation will be 9,510,943 common shares.\n\n\nThe Corporation has also taken steps to change its name from \"Abitex\n Resources Inc.\" to \"ABE Resources Inc.\".\n\n\nThe consolidation and name change are subject to the approval of\n regulatory authorities and should be effective within the next two\n weeks. Documentation pertaining to the exchange of share certificates\n will be mailed to shareholders shortly.\n\n\nManagement of the Corporation believes the share consolidation and name\n change are in the best interests of the shareholders and will allow the\n Corporation to access additional financing for the exploration of its\n property portfolio.\n\n\nThe Company's public documents may be accessed at www.sedar.com\nFor further information on the Company, please visit our website at www.abitex.ca or contact us at inf...