VANCOUVER, British Columbia, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces that it is proceeding with a consolidation of its issued and outstanding common shares at a ratio of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the “Consolidation”) The common shares will commence trading on the Canadian Securities Exchange on a consolidated basis on February 11, 2019. The new CUSIP number will be 92347A205 and the new ISIN number will be CA92347A2056.

Following the Consolidation, which was approved by the shareholders of Veritas by special resolution at the Annual General & Special Meeting of shareholders held on January 25, 2019, the Company’s issued and outstanding common shares will be reduced from 121,573,399 common shares to approximately 12,157,399 common shares. Any resulting fractional share entitlement remaining after conversion at .5 or over will be rounded up to the nearest whole number and below .5 will be cancelled.

A letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates and/or DRS statements evidencing their pre-consolidation common shares for new share certificates and/or new DRS statements representing the number of post-consolidation 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.