VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2012) - Encore Renaissance Resources Corporation ('The Company') (TSX VENTURE:EZ)(FRANKFURT:OUH1)(PINKSHEETS:ERRCF) announces that, in connection with its news release dated March 12, 2012, it has completed the share consolidation (the "Consolidation") following approval of the Board of Directors of the Company and shareholder approval on April 4, 2012. The Company obtained approval for the Consolidation from the TSX Venture Exchange on April 30, 2012 and is completing the necessary corporate filings in order to effect the Consolidation.
The Company currently has 295,481,077 issued and outstanding common shares. On a ten (10) for one (1) basis, the Company will have approximately 29,548,107 shares outstanding following the Consolidation. The exact number of post-consolidation shares will vary depending upon the treatment of fractions which will occur when each shareholder's holdings are consolidated. In the event the Consolidation would otherwise result in the issuance of a fractional share, no fractional share will be issued and such fraction will be rounded down to the nearest whole number. Outstanding stock options and warrants will be adjusted to the Consolidation ratio.
The Company is changing its name to "WestKam Gold Corp." in connection with the completion of the share consolidation of its common shares. A letter of transmittal will be sent by mail to shareholders advising them that the Consolidation and Name Change has taken effect and instructing them to surrender their share certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
At the opening of trading on May 1, 2012, the shares will trade under the new name with a new CUSIP number and will trade under the symbol "WKG".
Details of the Consolidation are contained in the Company's Information Circular mailed to the Company's shareholders on March 12, 2012 and filed on SEDAR at www.sedar.com.
This release may contain statements that are considered as forward-looking statements and are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement.
Encore Renaissance Resources Corporation