CALGARY, Alberta, Oct. 01, 2021 (GLOBE NEWSWIRE) -- Maple Leaf Green World Inc. (“Maple Leaf” or the “Company”), (CSE: MGW) and (OTCQB: MGWFF), announces that it will be seeking the Canadian Securities Exchange (the “CSE”) approval for a reverse stock split of all of its issued and outstanding common shares (the “MGW Shares”) on the basis of one (1) post-Reverse Split MGW Shares for every six (6) pre-Reverse Split MGW Shares (the “Reverse Split”). In accordance with the Company's articles, shareholder approval will not be required for the proposed Reverse Split. The proposed Reverse Split has been approved by the Company's Board of Directors.
The proposed Reverse Split would result in the number of issued and outstanding MGW Shares being reduced from the current outstanding 164,864,362 MGW Shares to approximately 27,477,394 MGW Shares. The Company has outstanding warrants to purchase 17,418,497 MGW Shares reserved for issuance, equal to 2,903,083 MGW Shares on a post Reverse Split basis. The Company also has outstanding incentive stock options to purchase 4,950,000 MGW Shares reserved for issuance, equal to 825,000 MGW Shares on a post Reverse Split basis. No fractional shares, warrants, or options will be issued pursuant to the Reverse Split and any fractional shares that would have otherwise been issued will be rounded down to the next lowest whole number if such fractional MGW Share is less than 0.5 of a MGW Share and will be rounded up to the next highest whole number if such fractional MGW Share is at least 0.5 of a MGW Share. The exercise or conversion price and the number of MGW Shares issuable upon exercise or conversion of any of the Company's outstanding warrants, stock options and any other securities convertible into MGW Shares will be proportionately adjusted to reflect the Reverse Split in accordance with the respective terms thereof.
The Company's board of directors and Greendrop Capital believes that the Reverse Split will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements. There is no change of business associated or being affected with respect of the Reverse Split. In addition, the Company will not be changing its name during the Reverse Split.
The Company has obtained a new set of new CUSIP and ISIN numbers (CUSIP: 565297306, ISIN: CA5652973069) for the Reverse Split. The effective date is October 7, 2021, and record date for the Reverse Split will be October 8, 2021. Generally, with respect of a Reverse Split, the shares would commence trading on the CSE on a consolidated basis on the first trading day prior to the record date, being the effective date and the CSE would issue a bulletin to dealers advising of the Reverse Split and effective date of trading on the consolidated basis. Notwithstanding the foregoing, the Reverse Split is subject to regulatory approval, and the board of directors may, at its discretion, determine to amend the terms or to not to move forward with the Reverse Split.
For further information and updates regarding the Company, please visit https://www.mlgreenworld.com/.
For updates regarding the California CBG Hemp Project, please visit https://www.gsgreenworld.com/.
https://www.globenewswire.com/news-release/2021/10/01/2307344/0/en/Maple-Leaf-Green-World-Inc-Announces-Reverse-Stock-Split.html