|By Marketwired .||
|August 22, 2013 06:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/22/13 -- Zone Resources Inc. (TSX VENTURE:ZNR) (the "Company') confirms that at the Annual General and Special Meeting held on June 27th 2013 (the "Meeting"), shareholders approved a consolidation of the Company's common shares on the basis of up to one (1) post-consolidated share for every ten (10) pre-consolidated shares (the "Consolidation").
Further to the meeting, the TSX Venture Exchange has approved the Consolidation and commencing August 23rd 2013, the Company's common shares will trade on a post-consolidation basis.
Currently, the Company has 68,334,035 issued and outstanding common shares. Post consolidation the Company will have approximately 6,833,404 shares outstanding. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants will also be adjusted by the consolidation ratio and the respective exercise prices of outstanding stock options and warrants will be adjusted accordingly. Registered shareholders will receive a letter of transmittal from Computershare Trust Company, the Company's transfer agent, with instructions for exchanging their pre-consolidation shares.
The Company would also like to report that it is not proceeding with the financing previously announced September 25, 2012.
About Zone Resources Inc.
Zone Resources Inc. is a Canadian Iron ore exploration and development company with projects situated in the Labrador Trough of Quebec, Canada.
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.
This report contains forward looking statements. Resource estimates, unless specifically noted, are considered speculative. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary Note to US investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.