TORONTO, ONTARIO--(Marketwire - March 16, 2009) - Sea Green Capital Corp. ("Sea Green" or the "Company")(TSX VENTURE:SGS) announces that at an annual and special meeting of shareholders of the Company to be held on April 7, 2009 (the "Meeting"), shareholders will be asked to consider and approve a special resolution to consolidate all of the Company's issued and outstanding common shares on the basis of up to ten (10) pre-consolidation common shares for one (1) post-consolidation common share.
The Company currently has 67,840,568 common shares outstanding and the maximum consolidation of 10 to 1 will reduce common shares outstanding to approximately 6,784,056 shares. Any fractional shares of the Company arising from the share consolidation will be rounded down to the nearest whole share of the Company.
In addition, at the Meeting shareholders will be asked to approve a special resolution to change the name of the Company from "Sea Green Capital Corp." to "Green Sierra Resources Inc." or such other name as may be determined by the Board of Directors of the Company.
The special resolutions relating to the proposed share consolidation and name change require the approval of not less than 66 2/3% of the votes cast by the shareholders represented at the Meeting in person or by proxy. If the special resolutions are passed by the shareholders of the Company, the Board of Directors of the Company will have sole discretion to determine whether or not and when to implement the proposed share consolidation and name change. The proposed share consolidation and name change also require the prior approval of the TSX Venture Exchange.
The Board of Directors of the Company believes that the proposed share consolidation will place the Company in a better position for future activities such as potential acquisitions and financings.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
