Minaean Announces Shareholder Approval Of Annual General And Special Meeting Matters Including Share Consolidation, Name Change, Continuance Into British Columbia And Creation Of Control Person
Vancouver, BC, Canada – August 17, 2015 – Minaean International Corp. (TSX Venture Exchange: MIB; Berlin and Frankfurt Stock Exchanges: NJA) (the “Company”) is pleased to announce that all resolutions presented at its Annual General and Special Meeting (the “Meeting”) held on August 7, 2015 were approved by shareholders, including the following special matters:
1) the consolidation of the Company’s issued and outstanding share capital on a 2:1 basis (the “Consolidation”), such that a holder of two old shares of the Company will receive one new share of the Company. The 53,504,771 common shares currently issued and outstanding will be consolidated into 26,752,386 new shares;
2) the continuance of the Company’s corporate jurisdiction to British Columbia from Alberta under the name “Minaean SP Construction Corp.” (the “Continuation and Name Change”); and
3) the creation of a new “Control Person” as defined under the policies of the TSX Venture Exchange (the “Exchange”), which will result from the subscription by Shapoorji Pallonji International FZC of 25,800,000 post-Consolidation common shares of the Company, by way of a non-brokered private placement (the “Private Placement”), as described in the Company’s Information Circular and in the Company’s previous news release dated May 13, 2015.
The Company plans to effect the Consolidation, close the Private Placement and complete the Continuation and Name Change as part of a corporate reorganization (the “Reorganization”) which will also include completion of a debt settlement (the “Debt Settlement”) of $150,000 in debt in exchange for 1,500,000 post-Consolidation shares of the Company at a price of $0.10 per post Consolidation share.
The Company has received conditional Exchange acceptance to the Consolidation, Continuation and Name Change, Private Placement and Debt Settlement. The Company plans to close the Reorganization by the end of August, 2015.
About the Company
Minaean International Corp. is a company well known for its pioneering efforts in the manufacture of light gauge steel components for the construction industry and modular metal buildings in India. The strong, affordable, ecologically sustainable structures present a promising solution to the mass housing shortages in developing countries in addition to a range of conventional applications.
The shares of Minaean International Corporation (parent company) are publicly traded on the TSX Venture Exchange under the symbol “MIB” and on the Berlin and Frankfurt Stock Exchanges under the symbol “NJA”. For more information, please visit www.minaean.com.
On behalf of the Board of Directors
MINAEAN INTERNATIONAL CORP.
President & Director
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