First of all I am posting this on the NOT forum because NOT has a joint venture with WSR. I want to know if there are other NOT share holders who may also have WSR shares like myself.
My consern is that WSR is proposing a share consolidation of 1 new share for every 10 old shares. Quite frankly, if this happens I stand to lose more money. They say it is going to facilitate corporate finance transactions, but I am not convinced. They want to reduce the number of shares from 113.1 million to 11.31 million? Why so few shares?
Personally I am not in favour of this. If this occurs, WSR share holders who have held the stock over the last year will be losing out.
Read it for yourselves:
WSR Gold Inc. Announces Proposal to Consolidate Its Common Shares and Change Name
Friday November 21, 5:01 pm ET
TORONTO, ONTARIO--(Marketwire - Nov. 21, 2008) - The board of directors of WSR Gold Inc. (TSX VENTURE:WSR - News; "WSR" or the "Company") announces a proposal to consolidate the common shares of the Company on the basis of one (1) "new" common share for ten (10) "old" common shares and to change its name to "White Pine Resources Inc." This proposal will be put forward for approval at the Company's special meeting of shareholders scheduled to be held on December 16, 2008.
There are currently outstanding approximately 113.1 million common shares. If approved, the consolidation will reduce the number of common shares outstanding to approximately 11.3 million. WSR believes that a reduced number of shares will have numerous benefits, including facilitating corporate finance transactions. WSR proposes to change its name to better reflect its current and ongoing exploration plans.
Further information regarding the proposed share consolidation and name change will be available in the Company's meting materials, including the Management Information Circular and letter of transmittal, which will be mailed to shareholders on November 25, 2008.
Is anyone else out there concerned about this? Please post your concerns. Please PM me if you feel more comfortable communicating that way.
Personally I believe we can communicate here because of NOT's joint venture with WSR.
EE
