BRIEF-Chibougamau Independent Mines announces proposed share consolidation

Fri May 13, 2016 9:21am EDT
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May 13 (Reuters) - Chibougamau Independent Mines Inc

* Announces proposed share consolidation and $1 million non-brokered private placement

* To consolidate issued and outstanding common shares on basis of one share for every two shares issued and outstanding

* If share consolidation is approved, will have 16.2 million common shares, compared to 32.5 million shares currently outstanding

* Non-Brokered private by issuing maximum of 15 million units for $0.05/unit, 5 million "flow-through" shares for $0.05 per share

* Brokered private placement Source text for Eikon: Further company coverage: