Emgold completes 1:10 share rollback, name change
2022-03-15 19:39 ET - News Release
Mr. David Watkinson reports
EMGOLD ANNOUNCES COMPLETION OF SHARE CONSOLIDATION AND NAME CHANGE TO EMERGENT METALS CORP.
Emgold Mining Corp. has received regulatory approval for a consolidation of the company's issued and outstanding common shares on the basis of one postconsolidation share for 10 preconsolidation shares. The consolidation was previously announced in the company's press release dated March 1, 2022. In conjunction with the consolidation, the company has also received regulatory approval to change its name from Emgold Mining Corp. to Emergent Metals Corp.
Prior to the consolidation, Emgold had 136,182,621 common shares issued and outstanding. Post consolidation, the company will have about 13,618,221 common shares issued and outstanding, subject to rounding of fractional shares. The shares will trade under the new Cusip No. 29103R105 and ISIN No. CA29103R1055. The company's TSX Venture Exchange trading symbol will remain the same. The shares are expected to begin trading on a consolidated basis on or about March 17, 2022.
No fractional shares will be issued as a result of the consolidation. Any fractional shares equal to or greater than one-half resulting from the consolidation will be rounded up to the next whole number of common shares, and any fractional shares less than one-half resulting from the consolidation will be rounded down to the nearest whole number. The exercise price and number of common shares of the company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the consolidation.
A letter of transmittal will be sent by mail to registered shareholders by Computershare Trust Company of Canada advising that the consolidation and name change have taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their preconsolidated common shares for new share certificates or new DRS statements representing the number of postconsolidated common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the consolidation and name change.
The board believes that the consolidation will provide the company with greater flexibility for the continued development of its business and the growth of the company, including financing arrangements.
About Emgold Mining Corp.
Emgold is a gold and base metal exploration company focused on Nevada and Quebec. The company's strategy is to look for quality acquisitions, add value to these assets through exploration, and monetize them through sale, joint ventures, option, royalty and other transactions to create value for its shareholders (acquisition and divestiture (A&D) business model).
In Nevada, Emgold's Golden Arrow property, the core asset of the company, is an advanced-stage gold and silver property with a well-defined measured and indicated resource. New York Canyon is a base metal property subject to an earn-in with option to joint venture agreement with Kennecott Exploration, a subsidiary of Rio Tinto PLC. The Mindora property is a gold, silver and base metal property located 12 miles from New York Canyon. Buckskin Rawhide East is a gold and silver property leased to Rawhide Mining LLC, operator of the adjacent Rawhide mine.
In Quebec, the Casa South property is an early-stage gold property adjacent to Hecla Mining Corp.'s operating Casa Berardi mine. The East-West property is a gold property adjacent to and on strike with Wesdome Gold Mine Ltd.'s Kiena complex and O3 Mining Corp.'s Malarctic property (Marban project). The Trecesson property is located 50 kilometres north of the Val d'Or mining camp. Emgold also has a 1-per-cent net smelter return royalty in the Troilus North property, part of the Troilus mine property being explored by Troilus Gold Corp.
Note that the location of Emgold's properties adjacent to producing or past-producing mines does not guarantee exploration success at Emgold's properties or that mineral resources or reserves will be delineated.
We seek Safe Harbor.
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