Crew Gold Corporation: Consolidation of Common Shares on a 20 to 1 Basis
CREW GOLD CORPORATION Related Quotes
Symbol Price Change
CRU.TO 0.28 +0.01
LONDON, UNITED KINGDOM--(Marketwire - July 23, 2010) - Crew Gold Corporation ("Crew" or "the Company") (TSX:CRU - News; OSLO:CRU - News) today announces:
The Company intends to file articles of amendment to effect the consolidation of its issued and outstanding common shares on the basis of a ratio of twenty (20) pre-consolidation shares for every one (1) post-consolidation share, which is expected to be effective as of July 30, 2010. The post-consolidated common shares will begin trading on the Toronto Stock Exchange ("TSX") and the Oslo Stock Exchange ("OSE") as of the opening of trading on August 5, 2010.
The share consolidation was approved by shareholders at the Company's annual meeting of shareholders held on June 29, 2010. Prior to the consolidation, the Company had 2,138,450,653 common shares issued and outstanding but as a result of the share consolidation, it will have 106,922,528 common shares issued and outstanding. The post-consolidation common shares will trade under the ISIN/CUSIP numbers ISIN CA 2265347096; CUSIP 226534709.
Letters of transmittal with respect to the share consolidation are being mailed to all of the Company's registered shareholders on July 30, 2010. To receive share certificates representing the post-consolidated shares, a registered shareholder must send the certificate representing pre-consolidated common shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Computershare Trust Company of Canada in Toronto, Ontario, and otherwise comply with the instructions set out in the letter of transmittal. Additional copies of the letter of transmittal can be obtained from Computershare Trust Company of Canada at 100 University Avenue, 9th Floor, Toronto, Ontario, M5J 2Y1.
In order to coordinate the share consolidation, it is anticipated that all cross border trading of pre-consolidation common shares on the OSE will cease to be settled as of July 28, 2010, meaning that the last day of cross border trades with ordinary settlement period T+3 will be July 23, 2010, for settlement July 28, 2010. Any and all cross border trades that have not settled on or prior to July 28, 2010 will be cancelled. Any and all shares received on the intermediary cross border VPS account of DnB NOR Bank ASA related to pending cross border transactions on said date will be returned to the instructing party on July 29, 2010 at the latest. As from August 5, 2010, any and all cross border trades must have trade- and settlement date August 5, 2010 or later. Cross border trades having trade- and/or settlement dates prior to August 5, 2010 will not be accepted. The common shares are expected to commence trading on the TSX and OSE on August 5, 2010.
The Company believes that it is in its best interest and in the best interest of its shareholders to effect the share consolidation. Further details of the share consolidation and the reasons therefore, are contained in the management information circular of the Company dated May 18, 2010, which can be found on SEDAR at www.sedar.com.
William LeClair
Chief Executive Officer
