March 6, 2012. Newmac Resources Inc. (“Newmac” or the “Company”) (TSX-V: NER) announces that the Company is proposing to undertake a consolidation (the “Consolidation”) of its share capital on the basis of up to twenty (20) old common shares for one (1) new common share. The proposed Consolidation is subject to the approval of the Company’s shareholders at the meeting of shareholders scheduled for March 30, 2012, and the consent of the TSX Venture Exchange. The final consolidation ratio and the implementation thereof will be determined by the board of directors of the Company.
As of the date hereof, the Company has 72,321,162 common shares issued and outstanding. After giving effect to the proposed Consolidation, the Company would have approximately 3,616,058 common shares issued and outstanding (assuming consolidation on the basis of the proposed 20:1 ratio). The Company does not propose to change the corporate name of the Company in conjunction with the Consolidation.
The Company believes that the Consolidation is necessary so that the Company will be better positioned to access the equity markets in order to raise the capital required for the Company to continue exploration work on its properties.
ON BEHALF OF THE BOARD
“Han Xin (Harrison) Wu”
Han Xin (Harrison) Wu
For further information, please contact:
Contact Name: Andrea Yuan
Telephone Number: (778) 889-4966
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.