Mr. Jason Gigliotti reports
SIENNA RESOURCES INC. CORPORATE UPDATE
Sienna Resources Inc. intends to complete a consolidation of its issued and outstanding common shares on the basis of one new share for every 10 currently outstanding shares.
It is anticipated that the consolidation will reduce the number of outstanding shares from 202,668,871 shares to approximately 20,266,887 postconsolidated shares, subject to adjustment for rounding. The board of directors of the company believes that the consolidation of the shares will both enhance the marketability of the company as an investment and better position the company to raise the funds necessary to execute the company's business plan. The consolidation is subject to approval by the TSX Venture Exchange.
The company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date of the consolidation will be announced in a subsequent news release.
No fractional postconsolidated shares will be issued as a result of the consolidation. As required under the Business Corporations Act (British Columbia), any fractional shares remaining after the consolidation that are less than one-half of a share will be cancelled, and any fractional shares that are at least one-half of a share will be rounded up to one whole share.
The exercise price and number of shares of the company, issuable upon the exercise of outstanding options and warrants and the conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.
We seek Safe Harbor.
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