Tamarack Valley Energy Ltd. (TVE.V) is pleased to advise that on July 16, 2012 it filed Articles of Amendment to give effect to a consolidation of all of its issued and outstanding common shares on the basis of twelve (12) pre-consolidation common shares for one (1) post-consolidation common share.
The Consolidation was approved at an annual and special meeting of shareholders held on June 26, 2012, on the basis of up to twelve (12) pre-Consolidation common shares for one (1) post-Consolidation common share, with the final Consolidation ratio to be determined at the discretion of the board of directors of the Company. Following the annual and special meeting of shareholders, the board of directors of Tamarack confirmed and resolved to consolidate the common shares of Tamarack on the basis of twelve (12) pre-Consolidation common shares for one (1) post-Consolidation common share. The 356,481,005 pre-Consolidation common shares of the Company will be reduced to approximately 29,706,750 common shares on a post-Consolidation basis. No fractional shares will be issued. Any fractions of a share will be rounded to the nearest whole number of common shares.
Based on discussions with the TSX Venture Exchange, the Company expects that the pre-Consolidation common shares of the Company will be delisted and the post-Consolidation common shares will commence trading on or about July 17, 2012. The Company's trading symbol, "TVE", will remain unchanged.
The board of directors of the Company believes that the Consolidation will reduce its outstanding share amount to a level more in keeping with Tamarack's industry peers, enhance the marketability of the common shares as an investment and facilitate additional financings to fund operations in the future.
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