Rollback time Nicola Mining plans 1:2 rollback
2023-10-25 17:38 ET - News Release
Mr. Peter Espig reports
NICOLA MINING ANNOUNCES PROPOSED SHARE CONSOLIDATION
Nicola Mining Inc. intends to complete a consolidation of its issued and outstanding common shares on the basis of one new share for every two currently outstanding shares.
It is anticipated that the consolidation will reduce the number of outstanding shares of the company from 320,637,099 shares to approximately 160,318,549 postconsolidated shares, subject to adjustment for rounding. The board of directors of the company believes that the consolidation of the shares will both enhance the marketability of the company as an investment and better position the company to raise the funds necessary to execute the company's business plan. A further benefit of the proposed rollback is the augmented potential for investment participation from institutional investors. The consolidation is subject to approval by the TSX Venture Exchange.
The company does not intend to change its name or its current trading symbol in connection with the proposed consolidation. The effective date of the consolidation will be announced in a subsequent news release.
No fractional postconsolidated shares will be issued as a result of the consolidation. Shareholders who would otherwise be entitled to receive a fraction of a postconsolidated share will be rounded up to the nearest whole number of postconsolidated shares and no cash consideration will be paid in respect of fractional shares.
The exercise price and number of shares of the company, issuable upon the exercise of outstanding options and warrants and conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.