TORONTO, Dec. 05, 2022 (GLOBE NEWSWIRE) -- MacDonald Mines Exploration Ltd. (TSXV:BMK) ("MacDonald Mines" or the "Company") is pleased to announce that it has received TSX Venture Exchange ("TSXV") approval for the consolidation of the Class A common shares (the "Common Shares") of the Corporation (the "Consolidation"). As previously announced in its press releases dated August 10, 2022 and October 12, 2022, shareholders of the Corporation approved a special resolution authorizing the Board of Directors to consolidate the Common Shares of the Corporation. The Board of Directors has confirmed the Corporation's intention to proceed with a one (1) new for every ten (10) old consolidation (10:1) of its Common Shares (the "Conversion Ratio") to be effective December 7, 2022. There will be no name change in conjunction with the Consolidation. The Corporation's Common Shares will continue to trade on the TSXV under the symbol "BMK". The new ISIN number for the Consolidated Shares is CA5543247079 and the new CUSIP number is 554324707. There are currently 258,963,516 Common Shares issued and outstanding. Following the completion of the Consolidation, the number of Common Shares of the Corporation issued and outstanding will be approximately 25,896,352.
The shares will begin trading on the TSXV on a post-Consolidation basis effective at the open of trading on December 7, 2022. No fractional shares will be issued in connection with the Consolidation. The Company has mailed letters of transmittal to its registered shareholders so they may submit their old certificates in order to obtain new common share certificates on a post-Consolidation basis. Registered Shareholders should follow the instructions on the letter of transmittal in order to exchange their old pre-Consolidation share certificates for post-Consolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information.
About MacDonald Mines Exploration Ltd.
MacDonald Mines is a Canadian Gold and base metal exploration company focused on exploring its 100%-owned, 19,720ha (197km2) SPJ Project, 20km southeast of the prolific Sudbury Mining Camp in Northern Ontario. The Company's focus is to locate what it theorizes to be large gold systems with high-grade gold surrounding the past producing Scadding Gold Mine and potential large gold structures surrounding Alwyn, Glade, MacLeod and Norstar. The Company is also focusing on key battery metal systems surrounding Candore and Jerome within the SPJ Project to supply the renewable energy transition, particularly nickel, copper, and PGE's. The demand and need for critical battery metals is at an all-time high, and MacDonald Mines feels the SPJ Property Area has the potential to be part of the solution.
Forward-Looking Statements
This news release may contain certain "forward-looking statements." Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
To learn more about MacDonald Mines, please visit www.macdonaldmines.com
For more information, please contact:
Greg Romain, President & CEO
Phone: +1 (416) 364-7024
Email: gromain@macdonaldmines.com
