Stockwatch

Bullet Exploration Inc
Symbol	AMMO
Shares Issued	21,416,465
Close 2023-08-25	C$ 0.02
Market Cap	C$ 428,329
Recent Sedar+ Documents

Bullet arranges 1:3 share rollback, financing

2023-08-28 15:27 ET - News Release

Subject: Bullet Exploration Inc. - News Release - August 28, 2023 PDF Document File: Attachment Bullet.News Release re AGSM, consolidation and financing (August 28, 2023) (W0446671x10917F).pdf BULLET EXPLORATION INC. ANNOUNCES RESULTS OF AGSM SHARE CONSOLIDATION AND NON-BROKERED PRIVATE PLACEMENT Dateline: Vancouver, BC Ticker: "AMMO" Date: August 28, 2023 Bullet Exploration Inc. (the "Company") (TSXV: AMMO) announces the results of voting at its annual general and special meeting of shareholders held on Thursday, August 24, 2023. Shareholders voted in favor of all items put forward by the Company's board of directors and management as set out in the Company's information circular dated July 25, 2023 which is available under the Company's profile at www.sedarplus.ca . As a result: - Allen Wilson, Anthony Zelen, Robert Meister, Garry Clark and Fiona Keating were elected as directors of the Company. The Company would like to thank Mr. Wayne Tisdale who did not stand for re-election. Mr. Tisdale's contribution and direction to the Company's board of directors were much appreciated and the Company wishes him well in his future endeavors. - The Company's shareholders re-appointed Dale Matheson Carr-Hilton Labonte, LLP as the Company's auditors. - The Company's 10% rolling stock option plan was re-approved. Consolidation The Company also announces that it intends to consolidate its issued and outstanding common shares on a three for one basis (3:1) (the "Consolidation"), subject to TSX Venture Exchange ("TSX-V") approval. Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, the Consolidation was approved by way of resolutions passed by the board of directors of the Company. As of the date of this news release, the Company has 21,416,465 common shares issued and outstanding. Following completion of the Consolidation, the Company is expected to have approximately 7,138,822 common shares issued and outstanding. The Company's name and stock symbol will remain the same after the Consolidation but the Company's CUSIP and ISIN numbers will change. Any fractional common shares resulting from the Consolidation will be rounded to the nearest whole common share, with any fraction of 0.5 or above rounded up and any fraction of less than 0.5 will be rounded down. A letter of transmittal will be mailed to registered shareholders by the Company's transfer agent, Computershare Investor Services Inc. once the Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates evidencing their pre-consolidation shares for new share certificates representing the number of post-consolidation shares to which they are entitled. Beneficial shareholders holding their shares through a brokerage may be subject to different procedures for obtaining their post-consolidation shares. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary. - 2 - The Company will issue a further news release notifying shareholders as to when the effective date of the Consolidation will be and the date on which the Company's common shares will commence trading on the TSX-V on a consolidated basis. Private Placement The Company is also pleased to announce that it intends to complete a non-brokered private placement financing for gross proceeds of up to $1,000,000 (the "Financing") after completion of the Consolidation, which is expected to consist of up to 20,000,000 units (each, a "Unit"), with each Unit comprised of one common share and one common share purchase warrant (each warrant, a "Warrant") at a price of $0.05 per Unit, or such other price per unit determined by the Company's management in compliance with TSX- V pricing regulations. Each Warrant will be exercisable for one additional common share of the Company at a price of $0.075 per share for a period of twelve months following the closing of the Financing. The expiry of the Warrants may be accelerated by the Company at any time following the date that is four months and one day from closing of the Financing (the "Closing Date"), and prior to the expiry date of the Warrants if, at any time following the Closing Date, the closing price of the Company's common shares on the TSX-V is equal to or exceeds $0.20 for any 30 consecutive trading days. In such event, the Company may accelerate the expiry date of the Warrants by giving notice to holders of Warrants and issuing a news release announcing the reduced Warrant term whereupon the Warrants will expire on the 30th calendar day after the date of such news release. The Company may pay finder's fees in connection with the Financing. Certain directors, officers and insiders of the Company may participate in the Financing. Net proceeds from the Financing are expected to be used for ongoing working capital. Completion of the Financing is subject to TSX-V acceptance, and all securities issued pursuant to the Financing will be subject to a hold period of four months and one day as required under applicable securities legislation. For Further information, please contact: Anthony Zelen Chief Executive Officer T: 778-388-5258 Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.