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IGP Imperial Ginseng Products Ltd

0.08
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Imperial Ginseng Products Ltd TSXV:IGP TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.08 0.005 1.00 0 00:00:00

Imperial Ginseng Products Ltd. Announces Proposed Share Consolidation

09/11/2009 4:38pm

Marketwired Canada


Imperial Ginseng Products Ltd. (the "Company") (TSX VENTURE:IGP) today announced
a proposed consolidation of its (i) common shares (the "Common Shares") and (ii)
convertible preference shares, Series "A" (the "Convertible Series A Shares")
(the "Consolidation").


The Common Shares will be consolidated on the basis of ten (10) existing shares
for one (1) new share. Currently there are 22,153,375 Common Shares issued and
outstanding. It is anticipated that the issued and outstanding Common Shares
will be in the range of 2,200,000 on a post-consolidation basis.


The Convertible Series A Shares will be consolidated on the basis of twenty (20)
existing shares for one (1) new share. Currently there are 26,011,622
Convertible Series A Shares issued and outstanding. It is anticipated that the
issued and outstanding Convertible Series A Shares will be in the range of
1,300,000 on a post-consolidation basis.


The Board of Directors of the Company (the "Board") will ask the holders of the
Common Shares at the Company's upcoming annual meeting on December 9, 2009 to
approve the Consolidation. The Board will ask the holders of Convertible Series
A Shares to approve the Consolidation at a separate meeting to be held in 2010.
The Board may, in their sole discretion, revoke the resolution approving the
Consolidation at any time prior to its implementation.


The Consolidation is subject to shareholder approval, acceptance of the TSX
Venture Exchange and other regulatory approvals as may be necessary.


Further details with regard to the background of the Consolidation are contained
in the Company's management proxy circular dated October 29, 2009, a copy of
which is available electronically at www.sedar.com.


ON BEHALF OF THE BOARD OF DIRECTORS OF IMPERIAL GINSENG PRODUCTS LTD.

Stephen McCoach, Chief Executive Officer and Director

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