PNN:CC - Pambili Natural Resources Announces Share Consolidation to Capitalize on its Zimbabwe Gold Project Pipeline
(TheNewswire)
CALGARY, Canada - TheNewswire - Nov. 8 , 2023 – Pambili Natural ResourcesCorporation (“ Pambili ” or the“ Company ”) (TSXV:PNN), is pleased to announce that is has submitted an application tothe TSX Venture Exchange (“ TSXV ”) for the one-for-ten (1:10) shareconsolidation (“ Consolidation ”) of its common shares.
The Company has identified a short-list of gold miningopportunities in Zimbabwe from both its own project pipeline and thatof its technical consultant Steve Smith, who was appointed to the rolein April this year.
Pambili believes the Consolidation is a necessaryprerequisite to the acquisition of any of these projects, given anytransaction is likely to be based on equity rather than cash.
Jon Harris, ChiefExecutive Officer of Pambili Natural Resources, commented:
“Pambili took the decision to moveinto mining because it had identified an opportunity to consolidateundercapitalized gold mines in Zimbabwe. The pipeline of potentialopportunities would not have been possible without our initialinvestment in the Happy Valley Mine, and we are now ready to buildfrom that platform.”
Consolidation details
The proposed Consolidation was approved by theCompany’s shareholders at its Special Meeting of Shareholders heldon Dec. 28, 2022.
The Consolidation will be completed on the basis of onepost-consolidation common share for every 10 pre-consolidation sharesissued and outstanding as of the close of business on Oct. 31, 2023.
The Consolidation affects all the Company’s commonshares outstanding on Oct. 31, 2023. As a result, the number of issuedand outstanding shares will be reduced to 25,953,445 from 259,534,446 on the effective date ofthe Consolidation.
The new CUSIP number for the post-consolidation shareswill be 69764T206 and the new ISIN number will be CA69764T2065 .Pambili’s common shares will continue to trade under the symbol"PNN”, and the Company’s name will not change.
Registered shareholders will receive a letter oftransmittal from Computershare Investor Services Inc., the Company’stransfer agent. The letter of transmittal will contain instructions onhow registered shareholders can exchange their share certificatesrepresenting pre-consolidation shares for new certificatesrepresenting post-consolidation shares. Until surrendered, each sharecertificate representing pre-consolidation shares will represent thenumber of whole post-consolidation shares to which the holder isentitled as a result of the consolidation.
The Consolidation is subject to final approval from theTSX-V and the effective date will be disclosed in a subsequent newsrelease, which is expected shortly.
About Pambili Natural ResourcesCorporation: Pambili Natural ResourcesCorporation is a natural resources exploration and development company( www.pambilinrc.com ) currentlyactive in Zimbabwe and in the province of Alberta.
For further information,contact:
Pambili NaturalResources Corporation
T : 403 2774421
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
Caution Regarding Forward-Looking InformationForward-looking statements - Certain information set forth in thisnews release may contain forward-looking statements that involvesubstantial known and unknown risks and uncertainties. Forward-lookingstatements are often, but not always, identified by words such as“believes”, “may”, “likely”, “plans”, or similarwords. Forward- looking statements included in this news releaseinclude statements with respect to activities in Zimbabwe. Theseforward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of theCorporation, including, but not limited to the impact of generaleconomic conditions, industry conditions, currency fluctuations, anddependence upon regulatory approvals. The Corporation does not assumeany obligation to update the forward-looking statements to reflectchanges in assumptions or circumstances other than as required byapplicable law.
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