Quantum International Income Corp. Announces Share Consolidation
Toronto, Ontario (FSCwire) - Quantum International Income Corp. (the "Corporation" or "Quantum") (TSXV: QIC) announces that it intends to proceed with a consolidation of its issued and outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every three (3) pre-consolidation Common Shares (the "Consolidation"). The Consolidation was previously approved by the shareholders of the Corporation ("Shareholders") at the annual and special meeting of the Shareholders held on May 18, 2016, and is subject to approval by the TSXV.
The directors of the Corporation believe that the proposed Consolidation better positions the Corporation going forward from a trading and financial reporting perspective.
The Corporation intends the effective date of the Consolidation to be March 17, 2017 with the Common Shares trading on a post-Consolidation basis beginning at the open of markets on March 20, 2017. As of the date of this press release, a total of 181,458,887 Common Shares are issued and outstanding. Assuming the implementation of the Consolidation, a total of approximately 60,486,296 post-Consolidation Common Shares would be issued and outstanding, subject to the treatment of fractional interests. Any fractional interest of 0.5 or more of a Common Share resulting from the Consolidation will be rounded up to the nearest whole Common Share and any fractional interest of less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share. There is no name change in conjunction with the Consolidation, and the Corporation's trading symbol on the TSXV will remain the same.