Jovian Capital Corp. is proceeding with the proposed consolidation of its common shares and has set April 29, 2009, as the effective date, the company said Monday.

Shareholders voted to approve the consolidation on March 5.

The Jovian board of directors has set a consolidation ratio of 20 old common shares for one new common share. Jovian currently has 167,869,578 common shares issued and outstanding, and expects to have approximately 8,393,479 common shares issued and outstanding following the consolidation.

Jovian’s common shares are expected to commence trading on the TSX on a post-consolidation basis on April 29.

No fractional shares will be issued, Jovian says. If the consolidation would result in a shareholder holding a fraction of a common share, such fractional common share, if less than one-half, shall be rounded down to zero and, if equal to or greater than one-half, shall be rounded up to one.

IE