United Reef Shareholders Approve Stock Consolidation, New Issuance of Common Shares

By Midnight Trader,  July 17, 2012, 03:20:31 PM EDT

United Reef Ltd. (URP.V) said its shareholders approved a reverse stock split that will provide one common share for each eight existing common shares. They also approved the change of the company's name to United New Klondike Exploration Ltd.

Shareholders also approved a new "rolling" stock option plan, which restricts shares targeted for the stock option plan to be no more than 10% of outstanding shares. The plan remains subject to TSX Venture Exchange approval.

Approval was also given by shareholders at the meeting for the board to issue up to 2,420,000 common shares in exchange for debt owing to a consulting company owned by United Reef's president.

The stock has not traded since Friday, when it closed at $0.005.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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