Quebec Nickel Announces Share Consolidation
Quebec Nickel to roll back shares 1:10 basis Jan. 8
2023-12-29 12:05 ET - News Release
Mr. David Patterson reports
QUEBEC NICKEL ANNOUNCES SHARE CONSOLIDATION
Quebec Nickel Corp. has arranged a 1:10 share consolidation of its issued and outstanding common shares.
QNI intends to consolidate its issued and outstanding share capital on the basis of 1 post- consolidation common share for each 10 pre-consolidation common shares (the "Consolidation"). Any fraction of a common share will be rounded up or down to the nearest whole number. The common shares are expected to begin trading on a consolidated basis and with new CUSIP number 748119708 on January 8, 2024, subject to the regulatory approvals, including the approval of the CSE.
As a result of the Consolidation, the outstanding common shares of QNI will be reduced to approximately 11,534,420.
Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures with respect to the share consolidation. QNI's transfer agent, Endeavor Trust Corporation ("Endeavor"), will mail a letter of transmittal to all registered shareholders of QNI that will contain instructions for exchanging their pre-Consolidation common shares for post-Consolidation common shares. Registered shareholders will be required to return their certificates representing pre-Consolidation common shares and a completed letter of transmittal to Endeavor. Any registered shareholder who submits a duly completed letter of transmittal to Endeavor along with pre-Consolidation share certificate will receive in return a post- Consolidation share certificate or Direct Registration System Advice. QNI's outstanding warrants and options will be adjusted on the same basis (10 to 1) as QNI's common shares, with proportionate adjustments being made to exercise prices.
QNI will not be changing its name or trading symbol in connection with the Consolidation. Trading on a Consolidated Basis is expected to occur on January 8, 2024 with a Record Date of January 9, 2024.