Sydney, Australia, Nov. 30, 2017 (GLOBE NEWSWIRE) -- Heron Resources Limited (ASX:HRR; TSX:HER, “Heron” or the “Company”) announces that at its annual general meeting (the “Meeting”) of shareholders held on 29 November, 2017, shareholders approved a share consolidation of every ten (10) previously held ordinary shares into one (1) new ordinary share of the Company (the “Share Consolidation”). The completion of the Share Consolidation is subject to receipt of all regulatory approvals.
No fractional ordinary shares will be issued as a result of the Share Consolidation. Where the Share Consolidation results in an entitlement to a fraction of an ordinary share, that fraction will be rounded up to the next whole number of new ordinary shares. The Share Consolidation would result in the number of ordinary shares issued and outstanding of Heron being approximately 241,666,164.
The proposed Share Consolidation will take effect on 5 December, 2017. The following is an indicative timetable (subject to change) of the key events in Australia:
| Event | Date |
| Trading in the consolidated securities on a deferred settlement basis commences | 1 December 2017 |
| Last day to register transfers on a pre-Consolidation basis | 4 December 2017 |
| Registration of securities on a post-Consolidation basis | 5 December 2017 |
| Despatch of new holding statements | 5 December 2017 |
| Deferred settlement trading ends | 11 December 2017 |
| Normal trading starts | 12 December 2017 |
The effective date of the Share Consolidation for purposes of trading will be different between the Toronto Stock Exchange (“TSX”) and the Australian Securities Exchange. The effective date for trading on the TSX will be on or about 2-3 business days after receipt of all required documentation contained within the TSX’s conditional approval letter.
About Heron Resources Limited
Heron is engaged in the exploration and development of base and precious metal deposits in Australia. Heron’s primary development project is the high-grade Woodlawn Zinc-Copper Project located 250km southwest of Sydney, New South Wales.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This report contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date of this report. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management’s expectations with respect to, among other things, the timing and amount of funding required to execute the Company’s exploration, development and business plans, capital and exploration expenditures, the effect on the Company of any changes to existing legislation or policy, government regulation of mining operations, the length of time required to obtain permits, certifications and approvals, the success of exploration, development and mining activities, the geology of the Company’s properties, environmental risks, the availability of labour, the focus of the Company in the future, demand and market outlook for precious metals and the prices thereof, progress in development of mineral properties, the Company’s ability to raise funding privately or on a public market in the future, the Company’s future growth, results of operations, performance, and business prospects and opportunities. Wherever possible, words such as “anticipate”, “believe”, “expect”, “intend”, “may” and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to, the receipt of shareholder and regulatory approvals to complete the Share Consolidation, fluctuations in currency markets, fluctuations in commodity prices, the ability of the Company to access sufficient capital on favourable terms or at all, changes in national and local government legislation, taxation, controls, regulations, political or economic developments in Canada, Australia or other countries in which the Company does business or may carry on business in the future, operational or technical difficulties in connection with exploration or development activities, employee relations, the speculative nature of mineral exploration and development, obtaining necessary licenses and permits, diminishing quantities and grades of mineral reserves, contests over title to properties, especially title to undeveloped properties, the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other geological data, environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins and flooding, limitations of insurance coverage and the possibility of project cost overruns or unanticipated costs and expenses, and should be considered carefully. Many of these uncertainties and contingencies can affect the Company’s actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this report is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this report.