Mr. Rob Scargill reports
PELE MOUNTAIN PROVIDES UPDATE ON SHARE CONSOLIDATION
Further to its press release dated July 5, 2017, Pele Mountain Resources Inc. has completed a share consolidation of the company's issued and outstanding common shares on the basis of 10 preconsolidation shares to one postconsolidation share. Shareholder authorization to effect the consolidation was approved at the company's annual and special meeting held on March 9, 2017. The consolidation reduced the number of issued and outstanding common shares of the company from 209,996,930 preconsolidation common shares to approximately 20,999,693 postconsolidation common shares. The company's common shares continue to be traded on the TSX Venture Exchange under the symbol GEM.
A letter of transmittal was mailed by the company's transfer agent on July 13, 2017, to all registered shareholders, with information on how to exchange their preconsolidation share certificates for postconsolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted on the 1:10 basis through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information. No fractional shares will be issued as a result of the consolidation. Shareholders who otherwise are entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares.
Further details with respect to the consolidation are contained in the company's management information circular dated Jan. 27, 2017, a copy of which is available on SEDAR.
The exercise price and number of common shares of the company issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the consolidation.
About Pele Mountain Resources Inc.
Pele Mountain Resources has a strategic relationship with Enirgi Group Corp. to market and develop Enirgi Group's proprietary DXP technology in North America. The company is seeking to partner with holders of lithium brine resources to unlock value through the application of the technology.
We seek Safe Harbor.
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