|By PR Newswire||
|April 1, 2014 08:58 PM EDT||
VANCOUVER, April 1, 2014 /CNW/ - Network Exploration Ltd. (the "Company" or "Network") (TSX.V: NET) ) is pleased to announce that effective April 2, 2014, the Company will consolidate its Class A common shares (the "Shares") on the basis of one (1) post‐consolidated common share for every ten (10) pre‐consolidated Shares held (the "Consolidation"). The new CUSIP number will be 64124B300 and the new ISIN number will be CA64124B3002. The Company's name and stock symbol will remain unchanged following the Consolidation.
The Consolidation was approved by shareholders of the Company at the Company's Annual and Special Meeting held on August 20, 2013 (the "Meeting"). As at the date of the Meeting, the Company had 52,623,980 Shares issued and outstanding and the Company will have approximately 5,262,398 Shares issued and outstanding following the Consolidation. No fractional shares will be issued under the Consolidation and any fraction will be rounded to the nearest whole number. The Consolidation has been approved by the TSX Venture Exchange.
Letters of transmittal with respect to the Consolidation will be mailed shortly to all registered shareholders of the Company as at April 2, 2014. All shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the pre-consolidated Shares to the Company's transfer agent, Computershare Investor Services Inc., will receive a share certificate representing the post –consolidated Shares.
Further details of the Consolidation are contained in the Company's information circular dated July 15, 2013, a copy of which was filed on SEDAR (www.sedar.com) on July 24, 2013.
Neither 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.
ON BEHALF OF THE BOARD OF DIRECTORS
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements.
SOURCE Network Exploration Ltd.