|By Marketwired .||
|June 18, 2014 12:52 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/18/14 -- Morumbi Resources Inc. (TSX VENTURE: MOC) ("Morumbi" or the "Company") announces that the Company received shareholder approval at the Annual and Special Meeting of the shareholders of the Company held on June 6, 2014 (the "Meeting") for all issues proposed by management, including the election of directors, the appointment of the Company's auditors, the ratification of the Company's stock option plan and the approval to consolidate the Company's common shares.
The resolution approved by shareholders at the Meeting with respect to the consolidation permits the board of directors of the Company, without further approval by the shareholders, to select the final consolidation ratio, up to a ratio of ten (10) pre-consolidation common share to one (1) post-consolidation common shares, and proceed with any such consolidation at any time within the 12 months following the date of the Meeting, subject to approval by the TSX Venture Exchange.
Subsequent to the Meeting, the board of directors of the Company resolved to proceed with the a consolidation on the basis one (1) post-consolidation common share for every three (3) pre-consolidation common shares (the "Consolidation"). The Consolidation will be effective for open of markets on June 19, 2014 and from and after this date, the Company's common shares will trade on a post-Consolidation basis.
Additionally, the Company announces that the 2,050,000 incentive stock options issued to various directors, officers and employees of the Company, as announced in the Company's press release of May 28, 2014, were issued at an exercise price of $0.05 per share as opposed to $0.03 per share as previously disclosed.
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.