VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 24, 2015) –Starcore International Mines Ltd. (TSX:SAM) (the “Company” or “Starcore”) announces that the Board of Directors has approved a resolution consolidating the Company’s share capital on the basis of every four shares of the Company being consolidated to one share.
Currently, the Company’s authorized share capital is an unlimited number of common shares without par value, of which 180,614,397 shares are issued and outstanding, with a further 27,914,945 shares reserved for issuance upon the exercise of existing stock options and warrants and the conversion of outstanding subscription receipts.
The Board of Directors believes that the share consolidation will provide the Company with greater flexibility in developing its plans for its recently acquired projects and for the expansion of its exploration program at the San Martin Mine in Queretaro, Mexico.
The proposed share consolidation is subject to acceptance by the Toronto Stock Exchange. The Company does not intend to undergo a name change in conjunction with the proposed consolidation.