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Toronto-listed New Dawn, a junior gold-mining company operating in Zimbabwe, approved special resolutions presented at a shareholders’ meeting on 19 November.
The resolutions authorise New Dawn to consolidate the common shares of the company on the basis of a single post-consolidation share for every 100 000 common shares currently held, and the continuance of the company from Canada to the jurisdiction of the Cayman Islands.
The company’s common shares will be delisted from the Toronto Stock Exchange effective on the close of trading on Wednesday 20 November 2013. It anticipates that it will effect the share consolidation towards the end of November 2013, and the continuance during December 2013.
Following the consolidation, the company intends to take steps to terminate its reporting obligations to Canadian securities regulators.
New Dawn is a junior gold-mining company focused on developing gold-mining assets and operations in Zimbabwe. It owns 100% of the Turk and Angelus, Old Nic and Camperdown mines.
In addition, through its Falcon Gold Zimbabwe Ltd. subsidiary, New Dawn currently owns 84.7% of the Dalny, Golden Quarry and Venice mines, and a portfolio of prospective exploration acreage in Zimbabwe.
With the exception of Venice and Dalny, all of these mines are currently operational, and are geographically divided into three major gold camps.