Shawshank, VA 5/23/12 (StreetBeat) -- FRANKLIN MINING, INC. (Pink Sheets: FMNJ) – Announces today the Board of Directors have authorized a 1 for 2000 reverse stock split.
The reverse split will consolidate 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. 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.
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 otherwise hindered by trading limitations.
Franklin Mining has retained its transfer agent, Olde Monmouth Stock Transfer Co., Inc., to act as exchange agent for the reverse stock split. After the reverse split takes effect, shareholders will receive information from Olde Monmouth Stock Transfer Co., Inc. regarding the process for exchanging their common shares. Franklin Mining will notify shareholders of record that hold physical certificates as of the effective time to transmit outstanding share certificates, and, unless requested, will subsequently issue new book entry statements of holding representing one post-split common share for every two thousand common shares held of record as of the effective time. Shareholders that currently hold common shares in book entry form will receive updated statements of holding reflecting the reverse split and need not take any action.
"This action is part of our strategy to improve the marketability and liquidity of Franklin Mining's common stock," Stated Mustafa Dar, President, Franklin Mining, Inc. "It is our anticipation that the higher split-adjusted stock price will allow greater flexibility in our transactions, broaden our potential audience and shareholder base, and ultimately enhance our shareholder valuation. As we continue to expand our operations in Bolivia, this action will also help better position Franklin Mining for our long-term goal of applying for a listing on a higher exchange as soon as we come within reach of the listing requirements."
About Franklin Mining, Inc. – Franklin Mining, Inc. is a publically 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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