HIT Technologies Announces Approval of Share Consolidation
June 29, 2020 – HIT Technologies Inc. (the “Company”; TSX.V: HIT) announces that, further to its news release of March 13, 2020, the Company’s will consolidate its common shares on a twenty (20) old for one (1) new common share basis (the “Consolidation”). The post-Consolidation common shares are anticipated to start trading on the Exchange on a consolidated basis on July 3, 2020.
Prior to implementing the Consolidation, the Company had 97,191,202 common shares issued and outstanding. Upon completion of the Consolidation, the Company will have 4,859,560 common shares issued and outstanding. No fractional common shares will be issued in connection with the Consolidation. The exercise price and the number of common shares issuable under any of the Company’s outstanding stock options and convertible instruments, as applicable, will be proportionately adjusted to reflect the Consolidation.
The Consolidation was previously approved by shareholders at an annual general and special meeting held on April 15, 2020. Please refer to the management information circular of the Company dated March 13, 2020 for additional details. The circular is available on the Company’s profile on SEDAR.
The Company’s new CUSIP number is 43358X204 and its new ISIN number is CA43358X2041. Holders of common shares who hold uncertificated common shares (including common shares held through a brokerage account and/or not represented by a physical share certificate) will have their holdings electronically adjusted by the Company’s transfer agent or by their brokerage firms, banks, trust or other nominees. Such holders do not need to take additional actions to exchange their pre-Consolidation common shares for post-Consolidation common shares. Letters of transmittal have been mailed to all registered shareholders holding share certificates with instructions on how to exchange existing share certificates for new share certificates. A letter of transmittal is also available on the Company’s profile on SEDAR.
ON BEHALF OF THE BOARD OF DIRECTORS OF HIT TECHNOLOGIES INC.
Brooks Bergreen
Chief Executive Officer
Neither the TSX Venture Exch