Board seeks shareholder approval for name change and consolidation.TORONTO--(BUSINESS WIRE)--Aug. 21, 1995--International Platinum Corp. (IPC (1) (InterProcess Communication) The exchange of data between one program and another either within the same computer or over a network. It implies a protocol that guarantees a response to a request. ) Monday announced that its board of directors will seek shareholder approval of a special resolution amending its articles of amalgamation amalgamation /amal·ga·ma·tion/ (ah-mal´gah-ma´shun) trituration (3). amalgamation ( changing its name from International Platinum Corporation to: International Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. Corp. The board will also seek shareholder approval of a special resolution amending its articles of amalgamation by changing each of the issued and outstanding common shares into (1/10th) of a common share. There are presently 78,486,607 common shares issued and outstanding and after the consolidation there will be into 7,848,661 issued and outstanding common shares (assuming that no further shares are issued between now and the date of consolitation). Management is recommending the consolidation in response to requests from the financial community and major shareholders. Upon effecting the stock consolidation (reverse split) and assuming that the market price of the corporation's common shares reacts proportionately pro·por·tion·ate adj. Being in due proportion; proportional. tr.v. pro·por·tion·at·ed, pro·por·tion·at·ing, pro·por·tion·ates To make proportionate. to the consolidation, the corporation would meet its maintenance requirement for continued listing on the NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on Small-Cap Market by trading at a share price of over $1.00 (US). Management is of the opinion that the achievement of this objective will greatly broaden the marketability Marketability A negotiable security is said to have good marketability if there is an active secondary market in which it can easily be resold. marketability The ease with which an investment may be bought and sold in the secondary market. of the corporation's shares, thus enhancing share value. Representing the board, Alan Doyle Alan Thomas Doyle is one of the lead singers of Canadian Celtic band Great Big Sea. Born Alan Thomas Doyle, to Thomas and Regina Doyle in Petty Harbour, Newfoundland, Canada, on 17 May 1969, Doyle grew up surrounded by music. , chairman commented, "We recommended the consolidation because the board believes that it will strengthen and prepare the company for the future. Additionally, the renaming of the company better identifies the expanded scope of the company's objectives and activities." CONTACT: International Platinum Corp. Operations Office 4625 S. Ash Ave., Suite J- Tempe, AZ 85282 Phone: 800/482-6429 Fax: 602/413-9716 E-Mail: 76132.3674@ Compuserve.com or Registered Office 151 Yonge Street, Suite 1402 Toronto, ON M5C 2W7 Phone: 416/368-1489 Fax: 416/366-9808 |
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