If approved by the shareholders, the Company's Board of Directors will have the ability to implement the share consolidation. The Company currently has an aggregate of 163,420,290 common shares issued and outstanding. The share consolidation, at the maximum ratio proposed, would reduce the outstanding common shares to 32,684,058 common shares.
The Company is seeking shareholder approval for a potential consolidation of the common shares of the Company to give the Board of Directors the flexibility to consolidate should they deem that it would be beneficial to the Company. Approval of the consolidation at the meeting does not mean a consolidation will take place but rather leaves the Board of Directors with the ability to do so for the ensuing year.
The share consolidation is subject to both the approval at the special meeting of the shareholders and that of the TSX Venture Exchange. The Company will not be changing its name in conjunction with a proposed share consolidation.
Additional information regarding the share consolidation will be available in the Company's information circular. The information circular will be posted at the company's website or mailed to certain shareholders in connection with the special shareholders meeting and will also be available on SEDAR.
About Canadian Orebodies Inc.
Canadian Orebodies is a Canadian-based mineral exploration company with a portfolio of properties in Nunavut and Ontario. Canadian Orebodies trades on the TSXV under the symbol "CO". For more information please visit www.canadianorebodies.com or contact:
Gordon McKinnon, President & CEO
Canadian Orebodies Inc.
TORONTO, June 6, 2014 --- Canadian Orebodies Inc. (TSXV:CO) (the "Company") announces that it will be seeking shareholder approval for a consolidation of the Company's common shares at a ratio of up to five (5) existing Common shares for one (1) new common share, at a special meeting of the shareholders of the Company to be held on July 9, 2014, in the company's offices located at 141 Adelaide Street West, Suite 301, Toronto, Ontario, M5H 3L5.