Vancouver, BC / ACCESSWIRE / May 23, 2014 / FINORE MINING INC. (CNSX: FIN; OTCQX: FNREF) (the "Company" or "Finore") announces that the Board of Directors have approved a consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of a one (1) post-consolidated Common Share for each ten (10) pre-consolidation Common Shares (the "Consolidation"). The Consolidation was approved by shareholders at the annual general and special meeting of the Company held on April 8, 2014. The Company intends to effect the Consolidation immediately.
The Company currently has 154,891,316 issued and outstanding common shares and the Company will have approximately 15,489,132 common shares issued and outstanding post-consolidation. The exact number of post-consolidated common 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 would similarly be adjusted by the consolidation ratio.
The Company will not be changing its name and trading symbol in connection with the Consolidation.
A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Company post consolidation describing the process by which shareholders may obtain new certificates representing their consolidated common shares.
The Company will provide further details of the regulatory approval process in due course.
About Finore Mining Inc.
Finore is a mineral exploration and development company based in Vancouver, British Columbia. The Company controls a 100% interest in the LK Project located in North-Central Finland. Finore's goal is to define a large-tonnage PGE+Au-Cu-Ni deposit in Finland, thereby maximizing value on behalf of its shareholders. More information on the companies' activities can be found on www.finoremining.com.
On Behalf of the Board,
"Peter Tegart"
Peter Tegart
President & CEO
The CNSX does not accept responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: The forward-looking information contained in this press release is made as of the date of this press release and, except as required by applicable law, the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by law. By its very nature, such forward-looking information requires the Company to make assumptions that may not materialize or that may not be accurate. This forward-looking information is subject to known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such information.
SOURCE: FINORE MINING INC.