North Lily Mining Co. Approves Capital Consolidation
DENVER--(BUSINESS WIRE)--Dec. 2, 1996--At the annual shareholders'
meeting of North Lily Mining Co. on Nov. 22, 1996, the shareholders
approved a 1-for-10 reverse split of the nearly 30 million outstanding
common shares of the company.
Speaking from Denver, the company's president, Steve Flechner, stated
that this capital consolidation finally repositions the company for
growth by making shares available to raise needed working capital and to
acquire assets. The effective date for the capital consolidation to less
than 3 million shares is Dec. 8, 1996. Accordingly, the common stock
will begin trading on this consolidated basis upon the opening of
trading on Dec. 9, 1996.
The company's shareholders also adopted a stock option plan and
restricted stock plan which will be important in attracting and keeping
qualified management personnel. The following persons were elected as
directors of the company: Stephen Flechner, Theodore Loud, John Twohig
and W. Gene Webb.
Flechner also indicated that the company is not effectuating the
proposed acquisition of Tamarine's marine ventures because the
transaction is not available on the terms approved by shareholders, and
has not proven readily financeable as part of the natural resource
company. Tamarine is seeking separate financing, and offering a major
interest to the company for its prior funding and assistance.
The directors and management of the company sincerely thank the
shareholders for their continued support. Based upon the capital
consolidation, the company is now pursuing financing and potential
acquisitions.
CONTACT: North Lily Mining Co., Denver
Steve Flechner or Gene Webb, 303/294-0427 |
