VANCOUVER, Nov. 23, 2012 /CNW/ - Pacific Topaz Resources
Ltd. (the "Company") (TSXV - PPZ.H) announces that at the
Company's annual general meeting held on October 25, 2012, shareholders approved the
consolidation of the Company's issued common shares on the basis of
one (1) post-consolidation common share for every five (5)
pre-consolidation common shares. There are currently
71,205,336 common shares of the Company issued and outstanding and
following the consolidation there will be 14,241,067 common shares
issued and outstanding.
The board has decided to reduce the number of
Common Shares on the basis of one share (1) for five (5) Common
Shares that are currently issued and outstanding in order to
increase the Company's flexibility and competitiveness in the
market place and to make the Company's securities more attractive
to a wider audience of potential investors, thereby resulting in a
more efficient market for the Common Shares.
The Company's name will not be changed in
connection with the consolidation. The consolidation is
subject to acceptance for filing with the TSX Venture Exchange.
On behalf of Pacific Topaz Resources
Ltd.
"Gordon Keep"
Chief Financial Officer and Corporate Secretary
Neither the TSX Venture Exchange nor its Regulatory 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.
This release may contain forward-looking
statements. These statements are based on current
expectations and assumptions that are subject to risks and
uncertainties. Actual results could differ materially because of
factors discussed in the management discussion and analysis section
of our interim and most recent annual financial statement or other
reports and filings with the TSX Venture Exchange and applicable
Canadian securities regulations. We do not assume any
obligation to update any forward-looking statements.
SOURCE Pacific Topaz Resources Ltd.