Mr. Glen Watson reports
LA QUINTA RESOURCES PROPOSES SHARE CONSOLIDATION
La Quinta Resources Corp. has scheduled an annual and special general meeting to be held June 29, 2012. At the meeting, in addition to the election of directors, appointment of the auditor and approval of renewal of the company's stock option plan, the shareholders will be asked to approve, if required, a consolidation of the company's share capital on a minimum 1-to-5 and a maximum 1-to-10 basis, the final consolidation ratio to be determined by the directors in their discretion. The issued capital of the company is currently 90,575,385 shares issued and outstanding which, if the consolidation proceeds on a maximum 1-to-10 basis, will result in 9,057,539 shares outstanding, less fractions where applicable, following the consolidation.
In addition to the share consolidation, shareholders will be asked to approve a name change of the company to La Quinta Exploration Corp., or to such other name as may be acceptable to management, the Registrar of Companies for the Province of British Columbia and the TSX Venture Exchange.
Management of the company believes that the proposed share consolidation will better position the company to raise the funds it requires to finance its continuing business activities including the acquisition of mineral properties, and exploration and development of its existing properties.
The share consolidation is subject to the acceptance for filing of the TSX Venture Exchange and receipt of shareholder approval.
We seek Safe Harbor.
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