TSX-V: CXO
VANCOUVER, BC, July 22, 2020 /CNW/ - COLORADO RESOURCES LTD. (TSXV: CXO)
("Colorado" or the
"Company") is pleased to announce the results of the Special
Meeting of its shareholders that was held in Vancouver, B.C. on July
21, 2020. Shareholders approved both items of business,
being the consolidation of all of the issued and outstanding common
shares of the Company on the basis of ten (10) pre-consolidation
common shares for one (1) post-consolidation common share as well
as the replacement of the Company's existing Articles in their
entirety with a new set of Articles.
The share consolidation, which remains subject to TSX Venture
Exchange ("TSX-V") approval, will reduce the number of outstanding
shares from 211,170,915 to 21,117,091. As a result of the share
consolidation, the number, exchange basis or exercise price of all
stock options and share purchase warrants will be adjusted, as
applicable, to reflect the ten-for-one share consolidation.
Upon TSX-V approval of the share consolidation, letters of
transmittal will be mailed to the registered holders of the
Company's common shares, requesting that they forward their
pre-consolidation share certificates to the Company's transfer
agent, Computershare Investor Services Inc., for exchange for new
share certificates representing their common shares on a
post-consolidation basis. No fractional shares will be issued in
connection with the share 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 share 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.