Correction from Source - TVX Gold Inc. - Announcement.Business Editors TORONTO--(BUSINESS WIRE)--May 18, 2000 Correction to Release Issued May 17, 2000 TVX TVx Target Vertex TVX Transmission Valid Timer (FDDI) TVX Valid Transmission Gold Inc. ("TVX") (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TVX.)(NYSE NYSE See: New York Stock Exchange :TVX) announced today that it will be seeking a special resolution from its shareholders approving a share consolidation on a five (5) old shares for one (1) new share basis at its Annual and Special Meeting of shareholders to be held on June 27, 2000 in Toronto. A recent listing requirement of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. ("NYSE"), on which TVX trades, requires that all listed companies listed company n → compañía cotizable listed company n → société cotée en Bourse listed company list n → maintain a minimum trading price Trading price The price at which a security is currently selling. of US$1.00 per share. TVX's common shares have been trading below this required minimum and, as a result, the Company has been advised by the NYSE that its share price must rise above the minimum trading price in order to maintain its listing. In addition, under the Note Indenture, dated March 24, 1997, which governs the Company's 5% Gold Linked Convertible Notes (the "Notes"), the Corporation provided a covenant in favour of the holders of the Notes to take all steps necessary to maintain the listing and posting for trading of its common shares on the NYSE. Accordingly, TVX is seeking shareholder approval for the Company's issued and outstanding share capital to be reduced by consolidating the Company's outstanding common shares on a five (5) old for one (1) new basis. This will allow TVX to maintain its listing on the NYSE and remain in good standing under the Note Indenture. Currently, TVX has 179,616,097 common shares issued and outstanding. Upon the proposed consolidation of the Company's common shares on a five (5) old for one (1) new basis, the total amount of issued and outstanding common shares in the capital of the Company will be reduced to approximately 35,923,219 common shares. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Some statements in this press release contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected. All dollar amounts are expressed in US dollars, unless otherwise stated. |
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