LAS VEGAS, May 22, 2012 /PRNewswire/ -- 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.
Safe Harbor Act: This release may contain
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E the
Securities Exchange Act of 1934, as amended and such
forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
"Forward-looking statements" describe future expectations, plans,
results, or strategies and are generally preceded by words such as
"may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a company's annual report.
For more information visit our
website at www.FranklinMining.com or contact
Investor Relations: (818) 370-1426
SOURCE Franklin Mining, Inc.
