VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 18, 2013) - Central Resources Corp. (TSX VENTURE:CBC) ("Central" or the "Company") announces its intention to seek the necessary approvals to consolidate its common shares.
The Company is proposing a consolidation on the basis of one (1) post-consolidated common share for each three (3) pre-consolidated shares. Options and warrants outstanding as of the date of the consolidation will be adjusted in accordance with the consolidation ratio. Central does not propose to change its name in conjunction with the consolidation.
The proposed consolidation is subject to both the acceptances of the TSX Venture Exchange and shareholder approval. The Company plans to seek shareholder approval by way of a written consent in accordance with the policies of the TSX Venture Exchange. The Company shall provide further information on the timing of the proposed consolidation in a subsequent news release.
The Company currently has 45,351,000 common shares issued and outstanding and after the proposed consolidation is undertaken, the Company will have approximately 15,117,000 common shares issued and outstanding.
The Company also reports that optionees have surrendered for cancellation a total of 1,225,000 options to purchase common shares of the Company, which represents all of the outstanding options of the Company.
About Central Resources
Central Resources Corp. is a junior exploration company created to leverage the extensive knowledge and experience of a dedicated group of financial and resource industry professionals. The Company has acquired options on several highly prospective mineral properties in the Yukon and British Columbia and continues to pursue additional opportunities to build shareholder value.
This news release contains forward-looking information, which involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectation. Important factors - including the availability of funds, the results of financing efforts, the results of exploration activities -- that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time on SEDAR (see www.sedar.com). Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.