TORONTO, Dec. 18, 2018 (GLOBE NEWSWIRE) -- Duncan Park Holdings Corporation ("Duncan Park" or the "Company") (TSXV: DPH) announced today that, further to its August 23, 2018 press release, it intends to proceed with a consolidation of its common shares on the basis of one (1) post-consolidated share for every forty (40) pre-consolidation shares.
Shareholders of the Company passed a resolution at an annual and special meeting of shareholders held today granting the board of directors of the Company the discretion to consolidate the common shares using a consolidation ratio of one (1) post-consolidated share for up to forty (40) pre-consolidation shares.
The consolidation remains subject to the receipt of exchange and other requisite approvals.
The Company currently has 126,076,108 common shares issued and outstanding. Following the consolidation, it is anticipated that the Company will have approximately 3,151,903 common shares issued and outstanding.
The exercise or conversion price and the number of common shares issuable under any of the Company's outstanding (and issuable) securities as well as the shares issuable pursuant to the Company's previously announced proposed shares for debt transaction (which remains subject to exchange approval) will be adjusted to reflect the consolidation in accordance with their respective terms.
The board of directors of the Company believes that completion of the consolidation may provide the Company with greater flexibility to arrange future growth opportunities and financings. There can be no assurance that any future opportunities will be identified or financings undertaken or completed.
The Company intends to provide shareholders with further information regarding the consolidation as applicable. The Company does not plan to change its name in conjunction with the consolidation.
About Duncan Park
Duncan Park is a Toronto-based mineral exploration company exploring for gold and other precious metals in Ontario's prolific Red Lake gold mining district.
For further information, please contact:
Neither TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the consolidation and matters related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "does not anticipate", or "believes" or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", or "will be taken", "occur", or "be achieved". Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Duncan Park to be materially different from those expressed or implied by such forward-looking information, including risks associated with share consolidations including obtaining requisite approvals and the impact that a consolidation may have on the Company's ability to pursue further growth opportunities and financings, as well as risks associated with the exploration, development and mining industry such as economic factors, future commodity prices, changes in foreign exchange and interest rates, government regulation, environmental risks, permitting timelines, capital expenditures, operating or technical difficulties in connection with exploration and development activities, availability of skilled labour and equipment, the speculative nature of gold exploration and development, contests over title to properties, and changes in project parameters as plans continue to be refined as well as those risk factors discussed in Duncan Park's management's discussion and analysis for the period ended August 31, 2018, available on www.sedar.com. Although Duncan Park has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Duncan Park does not undertake to update any forward-looking information contained herein, except in accordance with applicable securities laws.