Patrician Proposes a 1 for 10 Share Consolidation and Name Change to Diamond Exploration Inc.admin
Patrician Diamonds Inc. announced that, subject to the approval of shareholders and the TSX-Venture Exchange, Patrician will ask its shareholders to approve a consolidation of its common shares on a one new share for ten old shares basis, to be effected by the board of directors at its discretion and to change its name to Diamond Exploration Inc. A new stock symbol is pending.
Management thinks that the extraordinary changes in the market demand a quick and determined response to put Patrician on a much stronger basis going forward and before the New Year brings a potential crush of consolidations in the industry.
Patrician still has strong projects in Doctor Lake, NWT and Borden, Baffin Island, Nunavut. Exploration on both projects has previously found diamonds. Patrician expects to conduct additional drilling and other major exploration in 2009. Patrician is also currently developing a significant new project for early 2009 field work.
Patrician currently has 67,998,148 common shares outstanding, with 99,723,248 outstanding fully diluted. Following the share consolidation, Patrician would have 6,799,814 common shares outstanding, 9,972,324 fully diluted. The Special Meeting of Shareholders is scheduled for December 1, 2008.