Micron Enviro Systems, Inc. (PINKSHEETS:MSVS), announced today that the requisite review finalizing the anticipated reverse stock split has been completed and will become effective, tomorrow, Friday May 31, 2013.
The Company’s outstanding shares of common stock will undergo a reverse split at a ratio of 60 to 1. After the split, no shareholder will own less than 333 shares, with no change in the par value per share. This means that as of today, Thursday, May 30, 2013, all of those stockholders who hold between 1 share and 19,980 shares of the Company’s common stock will be “rounded up” to 333 shares – post reverse (5/31/13) – to maintain equity ownership.
The round-up strategy was instituted by the company in an attempt to preserve the value of every shareholder as management’s intention is to build value, “not take it away,” as previously stated by Mr. Kenneth Roberts, CEO of Micron Enviro Systems. No fractional shares will be issued. Further, any options, warrants and/or rights outstanding, will be adjusted accordingly.
The timing and ratio of the reverse split were determined by the Board pursuant to a proposal to merge the Company with Britannia Mining Ltd, and to amend the company’s Certificate of Incorporation to effect a reverse split of its common stock. This was approved by the Company’s stockholders at a ‘Special Meeting of Stockholders,’ held on January 31st, 2013, in New York City.
Post-split, the Company will be known officially as Britannia Mining, Inc. The Company’s common stock will trade under the symbol MSVSD. After 20 business days the symbol will change to BMIN.
- 31 May, 2013
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