Tiex Inc. will place before its shareholders at its annual and special meeting to be held Oct. 22, 2012, a special resolution authorizing the corporation to file articles of amendment to provide for the consolidation of the issued and outstanding common shares of the corporation on the basis of one postconsolidation common share for every three preconsolidation common shares. The directors anticipate that by consolidating the issued and outstanding Common Shares, the consolidated Common Shares will have a higher value per share, thereby improving the Corporation's ability to raise capital by future Common Share issuances.
The Share Consolidation Resolution must be passed by a majority of not less than twothirds of the votes cast by the shareholders who vote in respect of the resolution. The Consolidation is subject to TSX Venture Exchange acceptance. The Corporation currently has 46,329,480 issued and outstanding Common Shares and would have, following the Consolidation,
15,443,160 issued and outstanding Common Shares. The Corporation is also placing before the shareholders at the Meeting, a special resolution to amendment the Corporation's Articles to change of the Corporation's name to Bullion Gold Resources Corp., or such other name as the directors of the Corporation may resolve and the Registrar of Corporations for the Province of Alberta may approve and the TSX Venture Exchange may accept.
Mr. Severs comments: "I am very encouraged with the current events taking place in the Corporation. This restructuring is an important step in placing Tiex on a solid footing. We look forward to completing these steps so that we can focus on our developing our property and creating shareholder value."
The Corporation also announces the appointment of Diana Mark as Chief Financial Officer. Mrs. Mark has been involved in the mining industry, particularly on the regulatory side, for the past 25 years and brings to the Corporation a wealth of knowledge and experience. Mrs. Mark also holds the position of Corporate Secretary, on an interim basis.