Franklin Mining, Inc. Announces Completion of 1-for-2000 Reverse Split of Common Shares
LAS VEGAS, Aug. 21, 2012 /PRNewswire/ -- FRANKLIN MINING, INC. (Pink Sheets: FMNJ.PK - News) – Announces today that the Company has filed a Supplemental Information Disclosure Statement with Pink Sheets confirming FINRA's approval of the Company's Board of Directors' requested 1 for 2000 reverse stock split. The approved reverse stock split was effective upon markets' opening, August 16, 2012. The Disclosure Statement can be read in its entirety at www.OTCMarkets.com.
The Company's common stock will continue to be traded on the Pink Sheets under the symbol "FMNJ", with a "D" added, which has been placed at the end of the trading symbol, and will remain for 20 trading days to indicate the reverse stock split has occurred. The new CUSIP number it now trades under is: 353879208. Franklin Mining's supplemental information statement is currently posted for review at http://www.otcmarkets.com/stock/FMNJD/filings. See Corporate website for additional information.
The reverse split consolidated every two thousand common shares into one common share, par value of $0.01 per share. The number of authorized common shares and preferred shares will not be affected by the reverse split. In respect to the underlying common shares associated with any derivative securities, such as warrants, options and convertible notes, the conversion and exercise prices and number of common shares issued will be adjusted in accordance to the 1:2000 ratio. A reverse stock split reduces the number of a corporation's shares in an attempt to increase the value of its stock or its earnings per share. It is anticipated that this action will establish a higher market price for the Company's common shares and reduce per share transaction fees as well as expand the potential market for investors who were previously hindered by trading limitations.
As a result of the reverse stock split, the number of common shares of the Company's common shares outstanding will be reduced from 198,103,400,000 to approximately 99,051,700 shares, subject to rounding up of all fractional shares to the nearest whole share.
"We are pleased to have completed what we believe was necessary action as we pursue to every opportunity to improve the marketability and liquidity of Franklin Mining's common stock and improve our Company as a quality investment opportunity," stated Mustafa Dar, President, Franklin Mining, Inc. He continues: "It is our expectation that the higher split-adjusted stock price will make it possible for the shares to be traded in many environments where corporate limitations hindered. We expect this to broaden our potential audience and shareholder base, and ultimately enhance our shareholder valuation to better reflect the value of the Company. As we continue to expand our operations in Bolivia, we believe this action has also improved Franklin Mining's position for our long-term goal of applying for a listing on a higher exchange."
About Franklin Mining, Inc. – Franklin Mining, Inc. is a publicly traded international exploration and mining company, headquartered in Las Vegas, Nevada, with offices in Santa Cruz, Bolivia. The Company adheres to the highest standards of quality and efficiency by optimizing the Company's resources through a system which places the preservation of the environment among the Company's top objectives. Franklin Mining, Inc. endeavors to find value in fields in which the projects can be explored and exploited while contributing to the socio-economic and cultural development of its society. The Company has developed model mining operations through safe, cost effective and innovative technologies. Franklin Mining, Inc. has purposed to uphold a great social commitment and respect for the environment while creating a robust value for its shareholders, employees, and the region within which it operates. Additional information can be found at the Company's corporate website: www.FranklinMining.com.
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SOURCE Franklin Mining, Inc.