Grande Portage Resources Ltd. (the "Company") (TSXV: GPG) announces that it intends to proceed with a consolidation of its outstanding common shares ("Common Shares") on the basis of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Consolidation").
Any resulting fractional Common Share that is held by a holder of Common Shares will be cancelled, and the aggregate number of Common Shares held by such holder will be rounded down to the nearest whole number of Common Shares. The consolidation remains subject to acceptance by the TSX Venture Exchange.
Currently, a total of 69,502,392 Common Shares are issued and outstanding. Accordingly, upon completion of the Consolidation, a total of 6,950,239 post-Consolidation Common Shares would be issued and outstanding, assuming there are no other changes in the issued capital of the Company.
The Board of Directors believes that the proposed Consolidation will better position the Company to access the capital markets should further funds be required as part of a business transaction or for working capital purposes.
There is no name change in conjunction with the Consolidation, and the Company's trading symbol will remain the same.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
Mr. Ian Klassen
Phone: (604) 899-0106
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE