Nebu Resources Inc. (TSXV: NBU) Proposes Name Change and Share Consolidation
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Toronto, Ontario - (Newsfile Corp. - April 8, 2014) (www.investorideas.com newswire) Nebu Resources Inc. (TSXV: NBU) ("Nebu" or, the "Company") announces that, further to its press release of yesterday announcing the mailing of materials for its upcoming annual and special shareholder meeting to be held on April 30, 2014 (the "Meeting"), as part of the Meeting agenda, the Company is proposing a name change and a consolidation of its issued and outstanding common shares.
The Company is proposing to change its name from Nebu Resources Inc. to CSM Minerals Corp. or such other name as is approved by the Board of Directors. The consolidation of Nebu's issued and outstanding common shares will be implemented on the basis of up to one (1) post-consolidation share for ten (10) pre-consolidation shares.
The name change and consolidation are subject to TSX Venture Exchange as well as shareholder approval and will be considered by shareholders at the Meeting.
As of April 7, 2014 the Company had 68,373,908 common shares issued and outstanding. If approved and implemented, the consolidation will occur simultaneously for all of the Company's common shares and will affect all shareholders uniformly. Management expects that the ratio for the consolidation will be fixed and the consolidation implemented as soon as practical following the meeting. Assuming the proposed consolidation occurs at a ratio of 1:10, the Company's outstanding shares will be reduced to approximately 6,837,391 Common Shares. The consolidation will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the consolidation would otherwise result in any shareholder owning a fractional share. No fractional shares will be issued, but instead if the Consolidation would otherwise result in a shareholder holding a fraction of a share, such fractional share, if less than one-half, shall be rounded down to zero and, if equal to or greater than one-half, shall be rounded up to one and added to the number of shares which the shareholder is entitled to receive.
In addition, at the Meeting, the Company has also proposed an amendment to the articles of the Company to allow for the addition of a new class of preferred royalty shares to the Company's capital structure to provide for more flexible financing opportunities in the event the Company seeks to acquire a producing mining property.
The proposed consolidation, name change and addition of preferred royalty shares are all detailed in the Information Circular that has been distributed to shareholders in connection with the Meeting. A copy has also been made available electronically at www.sedar.com.
About Nebu Resources Inc.
Nebu Resources Inc. is a junior exploration company focused on gold exploration in Ontario, Canada, in two known mining camps: the Timmins Gold Camp, the West Kirkland Area.
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.
For further information: John V. Hickey, CFO (416) 903-6649
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