True Grit Resources Ltd. Announces Proposed Share Consolidation and Name Change
Suite 615 – 800 West Pender Street Vancouver, British Columbia V6C 2V6 Telephone: (604) 684-5901 Fax: (604) 684-0279 NEX TRADING SYMBOL – TGI.H
October 28, 2016
True Grit Resources Ltd. Announces Proposed Share Consolidation and Name Change
VANCOUVER, BC (October 28, 2016) True Grit Resources Ltd. (“True Grit” or "the Company") (NEX: TGI.H) announces that it will hold an annual and special meeting of shareholders on November 22, 2016. At the meeting the board of directors will be asking for shareholder approval to consolidate True Grit’s issued and outstanding common shares and approval to change the name of the Company to "True Grit Minerals Ltd." or such other name as may be acceptable to management and the regulatory authorities.
The annual and special meeting will be held at 615 - 800 West Pender Street, Vancouver, British Columbia at 11:00 am (Pacific Time). Shareholders of record as of the close of business on November 18, 2016, will be entitled to receive notice and to vote at the annual and special meeting.
The consolidation ratios proposed will be in the range of one (1) post-consolidation common share for every two and one-half (2.5) pre-consolidation common shares to a maximum of one (1) postconsolidation common share for every four (4) pre-consolidation common shares (the "Consolidation") with the final Consolidation ratio to be determined by the board of directors in their discretion. If the Consolidation is approved, the board of directors of True Grit, in their discretion, may elect not to proceed with the Consolidation.
True Grit currently has 7,442,412 common shares issued and outstanding. If and upon the Consolidation becoming effective, on the maximum of one (1) for four (4) basis, it is expected there will be approximately 1,860,603 post-Consolidation common shares issued and outstanding on a non-diluted basis.
The Consolidation and name change are both subject to the receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange.
Management and the board of directors believe that the share consolidation is in the best interests of shareholders as it will provide the Company with greater flexibility to secure the financings it requires to complete property acquisitions and move the Company forward.
Additional information relating to the proposed Consolidation and name change is included in True Grit's information circular dated October 18, 2016, which is available on SEDAR at www.sedar.com.
On behalf of the Board,
TRUE GRIT RESOURCES LTD.
“Allan W. Williams”
Allan W. Williams Chairman
This release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration and development activities and events or developments that the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see our public filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.