Crowflight Proposes Name Change and Share Consolidation
Friday, 15 April 2011 11:29
Crowflight Minerals Inc. announces that it is proposing to change its name from 'Crowflight Minerals Inc.' to 'Canada Nickel Mining Corp.' and a consolidation of its issued and outstanding common shares on the basis of either one post-consolidation shares for thirty pre-consolidation shares or one post-consolidation shares for forty pre-consolidation shares.
The Name Change and Share Consolidation are subject to Toronto Stock Exchange approval and shareholder approval and therefore are being proposed to shareholders of the Company at the Company's upcoming annual general and special meeting on May 16, 2011.
The Company believes that the Share Consolidation will enhance share trading value and facilitate new equity investment in the Company as the Company currently has a total of 1,500,807,965 common shares issued and outstanding. The Company also believe that the Name Change better reflects the business the Company is currently undertaking.
If approved and implemented, the Consolidation will occur simultaneously for all of the Company's Common Shares and the Consolidation ratio will be the same for all of such shares. The Consolidation will affect all shareholders uniformly and will not affect any shareholder's percentage ownership interest in the Corporation, except to the extent that the Consolidation would otherwise result in any shareholder owning a fractional share. In the event that a shareholder would otherwise be entitled to receive a fractional share after the Consolidation, no such fractional share will be issued but the number of Common Shares to be received by such shareholder will be rounded down to the net highest whole number of Common Shares.