QUESNEL, BC, April 29 /PRNewswire-FirstCall/ -- Richfield Ventures Corp. (the "Company") announced its intention to seek the necessary approvals to consolidate its common shares. Following discussion with various interested financial advisers, Richfield Ventures Corp's board of directors has concluded that Richfield must consolidate its outstanding common shares to facilitate raising capital.
The Company is proposing a consolidation on the basis of a one (1) post-consolidated common share for each five (5) pre-consolidated common shares. Options and warrants outstanding as of the date of the consolidation will be adjusted in accordance with the consolidation ratio.
The proposed consolidation is subject to both the acceptance of the TSX Venture Exchange and shareholder approval. The Company plans to seek shareholder approval in the next few weeks by way of a written consent in accordance with the policies of the TSX Venture Exchange. The Company shall provide further information on the timing of the proposed consolidation in a subsequent news release.
The Company currently has 25,698,188 common shares issued and outstanding and if the proposed consolidation is undertaken, then the Company would have approximately 5,139,638 common shares issued and outstanding.
Certain statements in this press release may be considered forward-looking information, including those relating to the "expectations", "intentions" or "plans" of the Company. Such information involves known and unknown risks, uncertainties and other factors -- including the approvals of regulators or shareholders, availability of funds, the results of financing and exploration activities, the interpretation of drilling results and other geological data, project cost overruns or unanticipated costs and expenses and other risks identified by the Company in its public securities filings -- that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
Richfield Ventures Corp.
CONTACT: Peter Bernier, President & CEO, Richfield Ventures Corp., Tel:
(877) 992-6644, Email: pete@RichfieldVentures.ca; Susanne Bonn, CFO, Richfield
Ventures Corp., Tel: (877) 992-6644, Email: susanne@RichfieldVentures.ca
