Toronto, Ontario--(Newsfile Corp. - December 5, 2016) - Kitrinor Metals Inc. (TSXV: KIT) (the "Company") is pleased to announce that it has filed articles of amendment giving effect to the consolidation of its issued and outstanding common shares ("Common Shares") on a one (1) for ten (10) basis (the "Consolidation").
The post-Consolidation Common Shares began trading on the TSX Venture Exchange at the opening of market today under the existing stock symbol "KIT".
The Consolidation reduced the number of outstanding Common Shares from 24,306,382 to 2,430,630.
Letters of transmittal have been mailed out to the Company's registered shareholders. All registered shareholders will be required to send their certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, TSX Trust Company (the "Transfer Agent"), in accordance with the instructions provided in the letter of transmittal. Once a completed letter of transmittal is submitted to Transfer Agent by shareholders, along with their respective certificates representing the pre-Consolidation Common Shares, such shareholders will receive their new post-Consolidation Common Share certificates. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.
The previously issued special warrants of the Company will be converted into an aggregate of 10,760,000 units ("Units") of the Company. Each Unit is comprised of one Common Share and one Common Share purchase warrant of the Company (each a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share on or before October 11, 2019 at a price of $0.10 per Common Share (on a post-Consolidated basis).
For further information please contact:
Lisa McCormack, President and CEO - (416) 366-9192
Neither the 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.
Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The securities offered have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
