Big Sky Petroleum Corporation (TSXV:BSP) announced a restructuring of its share capital and management.
As quoted in the press release:
The board of directors of the Company resolved to consolidate the issued and outstanding common shares on the basis of one new share for every 10 old shares. The number of currently outstanding common shares is 60,676,665 and the number of common shares outstanding following the proposed consolidation will be 6,067,666. There will be no name change in conjunction with the consolidation.
As part of the restructuring and operating cost reductions being put in place for Big Sky, Milton Cox, Chief Executive Officer, has tendered his resignation as both the Chief Executive Officer and director. Sam Nastat, President has been appointed as the Chief Executive Officer and President of the Company.