2014-02-11 20:23:03 -
Toronto, Ontario CANADA, February 11, 2014 /FSC/ - Martina Minerals Corp. (MTN - TSX Venture), the Board of Martina Minerals ("Martina") wishes to announce that following on from its Annual and Special meeting where shareholders approved a resolution to consolidate Martina's outstanding common shares on the basis of one new share for every ten shares outstanding, the Board plans to consolidate the Company's shares at the earliest opportunity.
There are presently 130,898,611 shares on issue and following the consolidation there will be approximately 13,089,861. Fractional shares of greater than 50% will be rounded up to a full share for this purpose.
Martina also announces that it has entered into an agreement with Global Resources Investment Trust plc ("GRIT") whereby Martina
intends to issue three million post-consolidated common shares at $0.05per share in exchange for 83,264 ordinary shares of GRIT at ?1.00 per share.
GRIT has been established to invest in attractive opportunities in junior mining and natural resources sectors worldwide, with an investment objective to generate medium and long-term capital growth. GRIT is seeking admission of its ordinary shares on the main market for listed securities on the London Stock Exchange.
Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on London Stock Exchange.
For additional information please see the Corporation's website www.martinaminerals.com
Commenting on the proposed transaction Mr Willie McLucas, President and CEO said "In these difficult equity markets this transaction enables the Company to secure some short term financing, which would otherwise be unavailable from traditional sources. I believe that this represents the first step toward rebuilding shareholder value within Martina Minerals Corp."
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
Certain statements set out in this News Release constitute forward-looking statements. Forward-looking statements (i) are often, but not always, identified by the use of words such as "expect", "may", "could", "anticipate", or "will", and similar expressions; (ii) may describe expectations, opinions or guidance that are not statements of fact and which may be based upon information provided by third parties, or upon the opinions, expectations and estimates of management of the Company as at the date the statements are made; (iii) are subject to a variety of known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. In particular there is no assurance that (i) the Company will be able to close the proposed share swap with GRIT on the terms outlined above, or at all; (ii) that the Company will realize at least 1.00 British Pound per GRIT share upon the sale thereof; and (iii) the Company will realize proceeds from the sale of the GRIT shares in a timely manner.
ON BEHALF OF THE BOARD
President and CEO, Martina Minerals Corp
+ 44 7881 816 980
to view the press release as a PDF, please click on the following link:
Source: Martina Minerals Corp. (TSX-V : MTN) www.martinaminerals.com
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