Nikos Explorations (NIK-V) announced that it will complete a consolidation of its share capital on the basis of one new common share for up to every existing five common shares.
Dec 23, 2013 - News Release
Nikos Explorations Ltd. has appointed James S. Borland to the company's board of directors. Mr. Borland is currently a director of Strait Minerals Inc. and Greencastle Resources Ltd., and has also been a director of Minefinders Corp., Acadian Mining Corp., Tempus Corp., Prelim Capital Inc. and Vistior Capital Ltd. The company also announced that it will complete a consolidation of its share capital on the basis of one new common share for up to every existing five common shares. Where the exchange results in a fractional share, the number of common shares will be rounded up to the nearest whole common share. The board of directors of Nikos has unanimously approved the consolidation and believes that the consolidation should enhance the marketability of the common share as an investment and should facilitate additional financings to finance operations in the future. Nikos will obtain a new CUSIP number for the company's shares, to distinguish between pre- and postconsolidated shares. The company's name and trading symbol will remain unchanged. Upon completion of the consolidation Nikos will have a total of 9,065,081 common shares (all common shares of the company after completion of the consolidation are hereinafter referred to as "postconsolidation shares").
The company further announces its intention to complete, after completion of the consolidation, a non-brokered private placement offering of up to five million units at a price of five cents per unit, with each unit consisting of one postconsolidation share and one warrant entitling the holder thereof to purchase one additional postconsolidation share of the company at a price of 10 cents for a period of 24 months.
All transactions referred to in the release are subject to regulatory approval, including approval of the TSX Venture Exchange. For further details, please contact the company. All securities issued in connection with the private placement will be subject to a hold period of four months from the date of closing. The net proceeds from the private placement will be used to finance the company's continuing capital program and for general working capital purposes. |
