VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) - Indicator Minerals Inc. ("Indicator" or, the "Company") (TSX VENTURE:IME) today announced that it is proposing a name change and a consolidation of its issued and outstanding common shares.
The Company is proposing to change its name from Indicator Minerals Inc. to Bluestone Resources Inc. The consolidation of Indicator's issued and outstanding common shares will be implemented on the basis of one post- consolidation share for up to twenty pre-consolidation shares.
The name change and consolidation are subject to TSX Venture Exchange as well as shareholder approval and will be considered by shareholders at a special meeting of the Company to be held on December 16, 2011.
"We believe that this share consolidation will improve the Company's structure and enhance our ability to fund and advance our project portfolio." said Bruce Counts, President and CEO. "The name change is designed to better reflect the Company's current focus."
As of November 1, 2011 the Company had 132,582,223 common shares issued and outstanding. If approved and implemented, the consolidation will occur simultaneously for all of the Company's common shares and will affect all shareholders uniformly. Management expects that the ratio for the consolidation will be fixed and the consolidation implemented as soon as practical following the meeting. Assuming the proposed consolidation occurs at a ratio of 1:20, the Company's outstanding shares will be reduced to 6,629,111 Common Shares. The consolidation will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the consolidation would otherwise result in any shareholder owning a fractional share. No fractional shares will be issued, but will instead be rounded down to the nearest whole number.
The proposed consolidation and name change will be further detailed in an Information Circular that will be distributed to shareholders in connection with the special meeting no later than November 21, 2011. A copy will also be made available electronically at www.sedar.com.
About Indicator Minerals:
Indicator Minerals Inc. is a Canadian exploration company focused on the discovery and development of economic mineral deposits. The company has assembled a highly qualified technical team to focus on advancing its early- stage Mohave Copper Porphyry project in north-western Arizona.
Indicator Minerals Ltd. is a member of the Discovery Group of companies, for more information on the group visit www.discoveryexp.com.
