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The Company announces that it will be consolidating all of the issued and outstanding common shares of the Company " Common Shares" on the basis of one 1 post consolidation Common Share for every five 5 pre consolidation Common Shares the " Consolidation ".
The Company's board of directors set September 25 th , as the effective date of the Consolidation. The Company's name and trading symbol will remain unchanged.
The 57,, Common Shares currently issued and outstanding will be reduced to approximately 11,, common shares.
No fractional Shares will be issued and any fractions of a Share will be rounded down to the nearest whole number of Shares.
The exercise or conversion price and the number of Shares issuable under any of the Company's outstanding convertible securities will be proportionately adjusted upon Consolidation.
Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate s , together with the duly completed letter of transmittal, with Odyssey Trust Company, the Company's registrar and transfer agent.
Non-registered Shareholders holding common shares through an intermediary a securities broker, dealer, bank or financial institution should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders.
If Shareholders hold their common shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
Outstanding stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
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