Common Shares to Commence Trading on Consolidated Basis
TORONTO, June 1, 2022 /CNW/ - Advantex Marketing International Inc. (CSE: ADX) ("Advantex" or "Company"), a leader in the merchant cash advance and loyalty marketing products for merchants, announces its plan to consolidate all of the issued and outstanding common shares of the Company (the "Share" or "Shares") on the basis of one (1) post-consolidation Share for every thirty (30) pre-consolidation Shares (the "Consolidation").
The Company's board of directors has set May 29, 2022 as the effective date of the Consolidation. Trading of the Shares on a post-consolidation basis on the Canadian Stock Exchange (the "CSE") is to commence on June 6, 2022 once all regulatory approvals have been obtained.
The Share Consolidation has reduced the number of existing Common Shares from 7,601,775,214 Common Shares to approximately 253,392,507 Common Shares. A letter of transmittal has been sent by mail to registered shareholders advising that the Share Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates for new share certificates representing the number of post-consolidation Common Shares to which they are entitled.
Beneficial shareholders holding their Common Shares through an intermediary may be subject to different procedures for obtaining their post-consolidation Shares. If you have questions in this regard, you are encouraged to contact your intermediary. Following the Share Consolidation, the Common Shares will continue to trade under the stock trading symbol "ADX".
Since the public float of the Company following the issuance of common shares pursuant to the financing completed in September 2021 would be below 10%, the Company sought and the Canadian Securities Exchange agreed to grant relief from the minimum public float set out in its continued listing requirements.
About Advantex Marketing International Inc.
Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of Aeroplan to earn Aeroplan points at participating merchants.
Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex's profile on www.sedar.com
Disclaimer for Forward-Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws relating to the expected timing respecting commencement of trading of Advantex's common shares.
The statements in this news release are made of the date of this release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Advantex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
SOURCE Advantex Marketing International Inc.
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