Not unexpectedly a reverse split announced
Ashburton Ventures Inc. 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 123,790,592 Shares are issued and outstanding. Accordingly, if put into effect on the basis of ten (10) existing Shares for one (1) new Share, a total of 12,379,059 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 market place 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 advisors.
The Consolidation is subject to the acceptance of the TSX Venture Exchange.
The Company further announces Company Director David Gdanski has been appointed President of Ashburton. Michael England will stay as Director and CEO of Ashburton.
Ashburton Ventures Inc. is a Canadian-based junior exploration with mineral projects in Quebec, Canada and Nevada, USA"
