Margaret Lake to roll back shares one for 10
2021-11-03 19:07 ET - News Release
Mr. Neil Foran reports
MARGARET LAKE DIAMONDS INC. ANNOUNCES PROPOSED STOCK CONSOLIDATION
Margaret Lake Diamonds Inc. intends to consolidate all of its issued and outstanding common shares on the basis of one postconsolidation common share for every 10 preconsolidation common shares.
The consolidation is expected to result in the number of issued and outstanding common shares being reduced from 59,686,587 preconsolidation common shares to approximately 5,968,659 postconsolidation common shares. The exercise or conversion price of warrants, convertible debentures, compensation options and options, and the number of common shares issuable thereunder will also be proportionately adjusted upon the completion of the consolidation.
If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a common share in respect of the total aggregate number of preconsolidation common shares held by such shareholder, no such fractional common share will be awarded. The aggregate number of common shares that such shareholder is entitled to will, if the fraction is less than one-half of one share, be rounded down to the next closest whole number of common shares and, if the fraction is at least one-half of one share, be rounded up to one whole common share.
The consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The effective date for the consolidation, and announcement of the new Cusip and ISIN numbers are expected to be completed within the next two weeks. The company anticipates that its current trading symbol will remain unchanged.