(via TheNewswire)
Vancouver, British Columbia - TheNewswire - January 9, 2020 - Targeted Microwave Solutions Inc. (TSXV:TMS) (OTC:TGTMF) ("TMS" or the "Company") has not maintained the requirements for a Tier 1 company in accordance with TSX Venture Exchange Policy 2.5. Therefore, effective Monday January 13, 2020 the Company's listing will transfer to the NEX board of the TSX-Venture Exchange.
The trading symbol for the company will change from TMS to TMS.H. There is no change in the company's name, no change in its Cusip number and no consolidation of capital. The symbol extension differentiates NEX symbols from Tier 1 or Tier 2 symbols within the TSX-Venture Exchange. The NEX board has been designed to provide a forum for the trading of publicly listed companies
In addition, the Company has closed a non-brokered private placement of the Company's common shares along with a shares for debt transaction with Claredon Capital Corp The Company will issue 5,000,000 common shares at a price of 0.05 cents per share for gross proceeds of CAD$250,000 along with the issuance of 10,000,000 shares at a deemed price of 0.05 cents per share to settle CAD$500,000 owed by the Company.
The Offering Shares and the Debt Shares will also be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable Canadian securities legislation and TSXV requirements.
This news release does not constitute an offer of securities for sale in the United States or to US Persons. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements
"Mr. Gurminder Sangha"
Director
For further information, please contact:
Gurminder Sangha:
Email: g.sangha@claredoncapital.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. "Forward-looking information" in this news release includes information about the Company's planned Offering and Shares for Debt Transaction.
Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to, the Offering and Shares for Debt Transaction may not close on the terms and timing currently anticipated, or at all.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the Offering and Shares for Debt Transaction, including approval of the TSX Venture Exchange thereon. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
Not for distribution to U.S. news wire services or dissemination in the United States
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