Mr. Damien Forer reports
EASTCOAL ANNOUNCES SHARE CONSOLIDATION
EastCoal Inc. having obtained the necessary approval from the TSX Venture Exchange's NEX, a consolidation of the company's common shares is being completed on a 1:20 basis, such that one new common share would be issued for every 20 common shares outstanding. The common shares will begin trading on a consolidated basis on the NEX on Tuesday, Aug. 15, 2017.
The company believes that the completion of a share consolidation would better facilitate future financings by the company, as these would likely be accomplished through the issuance of additional common shares. The company has approximately 156 million common shares outstanding prior to the share consolidation. After the completion of the share consolidation on 1:20 basis, the company will have approximately 7.8 million common shares outstanding.
EastCoal continues to actively seek new investment opportunities.
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