Buckingham Exploration Inc. Reports Reverse Stock Split
CANON CITY, CO, July 13 /PRNewswire-FirstCall/ - Buckingham Exploration Inc. (OTCBB: BUKX), is pleased to announce that it has received stockholder and director approval to effect a one-for-four hundred reverse stock split of its common stock, whereby each block of four hundred shares of common stock registered in the name of each of the Company's stockholder on the applicable record date of the reverse stock split will be converted into one share of the Company's common stock. The reverse stock split was approved by the Company's stockholders at a special meeting of the stockholders held on July 9, 2010. The Company's Board of Directors has approved the immediate implementation of the reverse stock split and all necessary documents and notifications to the appropriate regulatory agencies, including the required notification to FINRA, to affect the reverse stock split, have been filed. The Company expects the reverse stock split to become effective by the end of July.
The reverse stock split will reduce the number of issued shares of the Company's common stock but will not affect the number of authorized shares. Upon the effective date of the reverse stock split, every four hundred shares of issued and outstanding common stock will automatically be combined into one issued and outstanding share of common stock. Any fractional shares resulting from the reverse stock split will be rounded up to the next nearest whole share. The reverse stock split would not affect any stockholder's percentage ownership interests in the Company or proportionate voting power, except to the extent that interests in fractional shares would be rounded up to the nearest whole share. Island Stock Transfer, the Company's stock transfer agent, will provide instructions to stockholders relating to the issuance of book-entry evidence of ownership giving effect to the reverse stock split and to the issuance of new stock certificates. Shares held as part of the DTC System will be automatically adjusted on the same basis. As of June 18, 2010, the record date for the special meeting, the Company had 45,126,850 shares of common stock outstanding. After giving effect to the reverse stock split, the Company expects to have approximately 112,817 shares outstanding.
About Buckingham Exploration Inc.:
Buckingham Exploration is an Exploration Stage Company whose principal business is the acquisition and exploration of mineral resources.
Forward-looking (safe harbour) statement:
Statements in this press release that relate to future results, strategies and events are based on the company's current expectations. All statements other than statements of historical fact are statements that may constitute forward-looking statements, and are subject to risk and uncertainties that could cause actual results to differ materially. See Buckingham's filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Buckingham assumes no obligation to update the information in this press release.
SOURCE Buckingham Exploration Inc.
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