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Cannon Point Resources Ltd. announces proposed share consolidation

^{Published on 2011-09-28 14:22:28 - Market Wire}
 

VANCOUVER, Sept. 28, 2011 /CNW/ - Cannon Point Resources Ltd. (TSXV: CNP) (the "Corporation") announces that it has convened a meeting of its shareholders to be held on October 27, 2011 at which it will seek shareholder approval to its proposed share consolidation.

The Corporation will be seeking, by special resolution, the approval of its shareholders to consolidate its outstanding share capital on the basis of 4 pre-consolidation shares for 1 post-consolidation share. The reasons for the consolidation are to increase the Corporation's flexibility and competitiveness in the market place and to make the Corporation's securities more attractive to a wider audience of potential investors.

The Corporation currently has 137,035,586 common shares issued and outstanding, and after the consolidation, the Corporation will have approximately 34,258,896 common shares issued and outstanding.  The Corporation is not expected to change its name in conjunction with the consolidation. The completion of the consolidation remains subject to shareholder and regulatory approval.

ON BEHALF OF THE BOARD OF DIRECTORS OF
CANNON POINT RESOURCES LTD.

"GORDON KEEP"
CEO & DIRECTOR

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.

This new release may contain forward-looking statements.  These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations.  We do not assume any obligation to update any forward-looking statements.