God's Lake Resources Inc. changed its name to FAX Capital Corp. and completed a capital reorganization.
The company previously disclosed that it was changing its business to an investment holding company, exiting the mining exploration sector. Its shareholders approved its proposed changed of business and its proposed private placement of multiple voting shares to FAX Investments Inc., along with other proposals.
Under the private placement, FAX Investments subscribed for 5,555,555 multiple voting shares at a price of 72 Canadian cents each, for gross proceeds of about C$4.0 million. FAX Capital completed the consolidation of its outstanding multiple voting shares and any fractional interest resulting from the consolidation were rounded up to the nearest whole subordinate voting share or multiple voting share.
The completion of FAX Capital's change of business is still pending the final approval of he Canadian Stock Exchange. The company reserved the symbol FXC with the CSE, and the subordinate voting shares will resume trading under the symbol once conditions have been met.
Paul Gibbons was also appointed to FAX Capital's board, the maximum size of which was increased to 11.
