Northern Lights Resources Corp C.NLR

Northern Lights Announces Share Consolidation

[knoxt]

Northern Lights Announces Share Consolidation

 

17 May 202212:03 ET

ACCESSWIRE

 

VANCOUVER, BC / ACCESSWIRE / May 17, 2022 / Northern Lights Resources Corp. ("Northern Lights", "NLR" or the "Company") (CSE:NLR), (OTCQB:NLRCF) is pleased to announce that it is proceeding with the consolidation of its common shares on a ten (10) for one (1) basis (the "Consolidation"). The Company's common shares will commence trading on a post-consolidated basis effective at market opening on May 24, 2022 (the "Effective Date").

Immediately prior to completion of the Consolidation, the Company has 143,571,385 common shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 14,357,139 common shares issued and outstanding, subject to the rounding of fractional common shares. The company has been issued with a new Cusip Number (66538D301), there will be no escrow of shares, and the trading symbol will remain unchanged.

No fractional common shares will be issued as a result of the Consolidation. All fractional common shares resulting from the Consolidation will be rounded to the nearest whole number of common shares. The Company's outstanding incentive stock options and warrants will be adjusted on the same basis (10:1) to reflect the Consolidation in accordance with their respective terms, with proportionate adjustments being made to exercise prices. New warrant certificates reflecting the Consolidation are not required and will not be issued.

Registered shareholders will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to affect the Consolidation.

 

[woodwise]

LOL, I'm sure Moldy63 and ShortOnBrains will think this is a good thing. It will at least bring the shares to where they can take big drops again. Ha, ha, two clowns. This same thing happened to ShortOnBrains RR stock and on the same day too. He's really the guy to take stock advice from, ha, ha, ha.

[stockman2021]

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[happy75]

  so what's the reason behind the RS? 143 million shares outstanding isn't much. Companies usually do a split around 250-300 million outstanding shares. 

[stockman2021]

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[happy75]

Obviously lol I'm not that ignorant. I was thinking more of a hidden agenda for a certain debt holder.