Vancouver, British Columbia, Canadian Mining Company Inc. (the "Company") (TSX.V:CNG) announces that it intends to carry out a consolidation of all of its outstanding shares on the basis of six (6) old shares for one (1) new share. There will be no name change in conjunction with the consolidation.
Management and the board of directors believe that approval of the consolidation is in the best interests of the Company and its shareholders. Management believes that a successful completion of the consolidation would allow the Company important flexibility to amend its capital structure and is imperative in order for the Company to complete future financings. The consolidation will not change a shareholder's proportionate ownership in the Company or the rights of holders of common shares. Each common share outstanding after the consolidation will be entitled to one vote and will be fully paid and non-assessable.
No fractional common shares will be issued as a result of the consolidation, as any fractional shares created as a result of the consolidation will be rounded up or down to the nearest whole number. There are currently 71,196,734 common shares issued and outstanding. Following the consolidation, there will be approximately 11,866,122 common shares issued and outstanding, subject to treatment of fractional post-consolidation common shares.
The consolidation is subject to approval by the TSX Venture Exchange.
On behalf of the Board
"Ray Paquette"
President & CEO
For further information contact Mr. Ray Paquette 604.684.3301
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange)