MARGARET LAKE DIAMONDS INC. (via TheNewswire)
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The Board is also notifying shareholders of a proposed consolidation (the “Share Consolidation”) of MLD outstanding common shares (the “Common Shares”) on an up to 10:1 basis (the “Consolidation Ratio”) as may be determined by the board of directors of the Company (the “Board”) in its sole discretion, subject to regulatory approval.
The primary objective for MLD Board to pursue a Share Consolidation is to provide greater flexibility in any future acquisitions and financings the Company may wish to complete. In particular, in light of the current market conditions, management believes it will be beneficial to the current shareholders to have issued share capital made more attractive to future investors. Additionally, an increase in per-share trading price of the Common Shares following the Share Consolidation may reduce certain transaction costs for investors when trading in the Common Shares.
In determining whether to seek a Share Consolidation, the Board also considered a number of other market and business factors deemed relevant, as well as general capital markets and economic conditions. The proposed Share Consolidation is part of
About
Margaret Lake is a Canadian-based mineral exploration company. As part of its joint venture with Arctic Star Exploration, Margaret Lake holds an 18.5-per-cent interest in the Diagras diamond project,
ON BEHALF OF THE BOARD OF DIRECTORS OF
Neither the
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