REVOCATION OF CEASE TRADE ORDERS AND SHARE CONSOLIDATION
Hi Ho Silver Resources Inc. has provided the following updates. The cease trade orders issued against the company by the securities commissions of British Columbia and Ontario have been fully revoked and that the Canadian Securities Exchange has reinstated trading in Hi Ho's shares.
Hi Ho also intends to proceed with a share consolidation on the basis of one postconsolidated common share for every 25 common shares currently held by the company's shareholders. The consolidation was approved by Hi Ho's shareholders at the annual general and special meeting held on July 22, 2015. There is no plan to change the company's name or trading symbol. Management believes that the consolidation is required in order to provide for further equity financing to meet the company's current working capital requirements and to attract new equity investment in the company. Management expects that a the consolidation will positively impact the company's business strategy and investment profile. The company expects to complete the consolidation effective Monday, Aug. 8, 2016. For more information regarding the consolidation, refer to the company's information circular dated June 17, 2015, filed on SEDAR.
The company has also appointed Benjamin Neff as a director of the company.