(via TheNewswire)
CALGARY, AB - TheNewswire - November 18, 2019 - Labrador Technologies Inc. ("Labrador" or the "Corporation") (TSXV:LTX) announces that at the upcoming Annual General and Special Shareholders Meeting being held on December 20th, 2019, the Corporation is proposing a twenty (20) for one (1) share consolidation ("Consolidation") or such number of pre-consolidation Common Shares (the "Consolidation Ratio") as may be determined by the board of directors of the Company (the "Board") in its sole discretion determines appropriate, such approval being conditional on a prior or concurrent financing of $25,000, and subject further to the approval of all applicable regulatory authorities.
The Corporation currently has 172,730,351 common shares outstanding. Post Consolidation the Corporation will have 8,636,518 common shares outstanding. The Consolidation is subject to shareholder approval and TSX Venture Exchange approval. There will be no name change with the proposed Consolidation.
If approved and implemented by the Board, the Share Consolidation will occur simultaneously for all of the Common Shares. The Consolidation Ratio will be the same for all such Common Shares and will affect all holders of Common Shares uniformly and will not affect any shareholder's percentage ownership interest in the Company, except to the extent that the Share Consolidation would otherwise result in any shareholder owning a fractional Common Share. No fractional Common Shares will be issued upon the Share Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Share Consolidation, the number of Common Shares to be received by such shareholder shall be rounded down to the next whole number if that fractional Common Share is less than one half (1/2) of a Common Share, and will be rounded up to the next whole number of Common Shares if that fractional Common Share is equal to or greater than one half (1/2) of a Common Share.
The expected benefits of the Share Consolidation include increased investor interest, improved trading liquidity and reduced price volatility.
The exercise or conversion price of, and the number of Common Shares issuable under, any convertible securities of the Company will be proportionately adjusted upon the completion of the Share Consolidation.
Full details regarding the proposed Share Consolidation are included in the Company's management information circular for the Meeting, which is available under the Company's profile on SEDAR at www.sedar.com.
About Labrador Technologies
Labrador Technologies Inc. is a Calgary, Alberta based technology company evaluating new opportunities in the technology sector.
For further information, please contact:
Kaan Camlioglu, Interim Chief Executive Officer
T: (403) 818-1091
E: kaan@labradortechnologies.com
Dean Stuart
T: (403) 617-7609
E: dean@boardmarker.net
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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