Not surprised there is a reverse split as GNM must raise money to develop products.
Interesting that the newly issued shares to producers will also be cut back- shows shareholders are being protected .
"Mr. Joe Wowk reports
GEONOVUS MEDIA ANNOUNCES CONSOLIDATION
GeoNovus Media Corp. is proposing a consolidation of its common shares on the basis of up to 10 existing shares for one new share. Currently, a total of 122,242,724 shares are issued and outstanding. Accordingly, if put into effect on the basis of 10 existing shares for one new share, a total of 12,224,272 shares would be issued and outstanding following the consolidation, assuming no other change in the issued capital.
According to the company's articles, the board of directors of the company has the ability to approve the consolidation, and the board of directors believes it is in the best interest of the company to approve the consolidation. The consolidation will increase the company's flexibility and competitiveness in the marketplace and make the company's securities more attractive to a wider audience of potential investors, thereby resulting in a more efficient market for its shares.
The consolidation will affect all shareholders of the company uniformly, and affect all of the company's stock options and warrants issued and outstanding at the effective date. At the time of the consolidation, the number, exchange basis or exercise price of all stock options and warrants issued and outstanding will be adjusted to reflect the consolidation. The actual adjustment will be made by the company in consultation with its advisers."
