TSX-V: CXO
VANCOUVER, BC, Aug. 20, 2020 /CNW/ - COLORADO RESOURCES LTD. (TSXV:
CXO) ("Colorado" or
the "Company") announces, further to its press release dated
July 22, 2020, that it has received
final TSX Venture Exchange ("TSX-V") approval, and the
consolidation of its common shares on the basis of one
post-consolidation common share for every ten pre-consolidation
common shares (the "Consolidation") will be effected at
12:01 a.m. on Friday, August 21,
2020. The Company's post-consolidation common shares will be
posted for trading on the TSX-V at the opening of trading on
Friday, August 21, 2020, under the
same symbol "CXO" but with new CUSIP number 19654L508.
Tony Barresi, Colorado's recently appointed President,
comments "Colorado has vigorous
new management and technical teams, and an outstanding portfolio of
properties. With this share consolidation, we now have a capital
structure that can support substantial future financings, the funds
from which will be deployed into the ground, unlocking the value
contained in our enviable property portfolio. We consider this a
launching point, with our new team, new capital structure, and
soon, a new name."
The Consolidation will result in the number of issued and
outstanding common shares of the Company being reduced from
211,170,915 common shares to 21,117,091 common shares on a
non-diluted basis, and each shareholder will hold the same
percentage of common shares outstanding immediately after the
Consolidation as such shareholder held immediately prior to the
Consolidation. The exercise price and number of common shares of
the Company issuable upon the exercise of outstanding stock options
and share purchase warrants will be proportionately adjusted to
reflect the Consolidation.
Letters of transmittal have been mailed to the registered
holders of the Company's common shares who hold physical share
certificates, requesting that they forward their pre-consolidation
share certificates to the Company's transfer agent, Computershare
Investor Services Inc., in exchange for new share certificates
representing their common shares on a post-consolidation basis. No
fractional shares will be issued in connection with the
Consolidation. Shareholders who hold their shares through a
securities broker or dealer, bank or trust company, will not be
required to take any action with respect to the Consolidation.
We seek safe harbor.
About Colorado
Colorado Resources Ltd. is exploring for high-grade gold and
copper with a focus on the Golden Triangle and Toodoggone areas of
British Columbia. The property
portfolio includes the Company's flagship Castle property, a
porphyry copper-gold project located in the Red Chris mining
district of the Golden Triangle neighbouring GT Gold's Tatogga
property, and Newcrest Mining's GJ property. Other properties
include KSP, North ROK, ROK-Coyote, and Kingpin in the Golden
Triangle, Sofia in the Toodoggone
district, and Heart Peaks and Hit in other strategic districts
within British Columbia. These
assets are being advanced by a newly assembled technical and
management team with experience in exploration, permitting and
discovery.
ON BEHALF OF THE BOARD OF DIRECTORS OF COLORADO RESOURCES LTD.
"Joseph
Mullin"
Joseph Mullin
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking
Statements
All statements, trend analysis and other information
contained in this press release about anticipated future events or
results constitute forward-looking statements. Forward-looking
statements are often, but not always, identified by the use of
words such as "seek", "anticipate", "believe", "plan", "estimate",
"expect" and "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. All statements, other than statements of
historical fact, included herein, are forward-looking statements.
Although the Company believes that the expectations reflected in
such forward-looking statements and/or information are reasonable,
undue reliance should not be placed on forward-looking statements
since the Company can give no assurance that such expectations will
prove to be correct. These statements involve known and unknown
risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in
such forward-looking statements, including the risks, uncertainties
and other factors identified in the Company's periodic filings with
Canadian securities regulators as well as the risk that the ongoing
COVID-19 pandemic may have on the Company's business. Important
factors could cause actual results to differ materially from
Colorado expectations.
Forward-looking statements are based on estimates and opinions of
management at the date the statements are made. Colorado does not undertake any obligation to
update forward-looking statements except as required by applicable
securities laws. Investors should not place undue reliance on
forward-looking statements.
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.
SOURCE Colorado Resources Ltd.