Canada NewsWire
ELKHART, IN, Sept. 26, 2017
ELKHART, IN, Sept. 26, 2017 /CNW/ - TekModo Industries Inc. ("TekModo" or the "Company") (TSXV:TEK)announces that the TSX Venture Exchange has approved a share consolidation of the outstanding share capital of the Company on the basis of four (4) pre-consolidation common shares for one (1) new post-consolidation common share (the "Consolidation"). The Consolidation will be effective at the open of the market on September 28, 2017. The Company's name and trading symbol will remain unchanged.
After the Consolidation, the Company will have approximately 29 million common shares issued and outstanding and Class B Exchangeable shares of TekModo Holdings Inc. exchangeable into approximately 3 million common shares of the Company. Approximately 68 million warrants granted in connection with the recent rights offering will be consolidated into 17 million warrants exercisable at a price of $0.25. An additional approximate 10 million warrants and stock options will be consolidated into approximately 2.5 million warrants and stock options exercisable at prices ranging from $1.50 to $4.72.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, TSX Trust Company, providing instructions on how to exchange their share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration System advice statement (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 effect the Consolidation.