Mr. Greg Gibson reports
KERR MINES CONSOLIDATES SHARES
Kerr Mines Inc. has filed articles of amendment giving effect to the consolidation of its issued and outstanding common shares, on a 1-for-15 basis.
The consolidation was approved by shareholders at the annual and special meeting held on Dec. 19, 2013. Subject to final confirmation by the Toronto Stock Exchange (TSX), it is expected that the postconsolidation common shares and the postconsolidation listed warrants of the company will begin trading on the TSX on or about July 30, 2014.
The consolidation will reduce the number of outstanding common shares from 1,323,580,852 to approximately 88,238,723. Proportionate adjustments will be made to the company's outstanding warrants, including the listed warrants and stock options. No fractional common shares will be issued pursuant to the consolidation, and any fractional shares that would have otherwise been issued have been rounded down to the nearest whole number.
Letters of transmittal with respect to the consolidation are being mailed to the company's registered shareholders. All registered shareholders will be required to send their share certificates representing preconsolidation common shares, along with a properly executed letter of transmittal, to the company's registrar and transfer agent, Equity Financial Trust Company, in accordance with the instructions provided in the letter of transmittal. Once a completed letter of transmittal is submitted to Equity by shareholders, along with their respective certificates representing the preconsolidation common shares, such shareholders will receive their new postconsolidation common share certificates. Shareholders who hold their common shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their common shares in connection with the consolidation.
We seek Safe Harbor.
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