VANCOUVER, BC / ACCESSWIRE / April 2, 2024 / Infinitum Copper Corp. (TSXV:INFI),(OTCQB:INUMF) ("Infinitum" or the "Company") is pleased to announce the details of a proposed consolidation of its common shares. On March 21, 2024, in accordance with the constating documents of the Company, the board of directors of the Company passed a resolution authorizing the consolidation of the issued and outstanding common shares of the Company on a 2:1 ratio (the "Consolidation")
Management believes that the Consolidation is in the best interest of the Company and will allow the Company greater possibilities with respect to future financings. Presently, the Company has 74,563,040 common shares issued and outstanding and if the Consolidation is approved and affected on a two for one basis, there will be 37,281,520 common shares issued and outstanding.
No fractional shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares, otherwise the fractional share will be cancelled. No cash consideration will be paid in respect of fractional shares.
The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation.
The Company does not intend to change its name or seek a new stock trading symbol from the TSX Venture Exchange (the "Exchange") in connection with the Consolidation. The Consolidation remains subject to acceptance by the Exchange.
Following receipt of acceptance by the Exchange, the Company will complete the necessary filings in order to give effect to the Consolidation. Once completed, a letter of transmittal will be sent by mail to shareholders advising them that the Consolidation has taken effect and instructing them to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the Consolidation. Until surrendered, each certificate formerly representing common shares will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the Consolidation.
On behalf of the Board of Directors of
INFINITUM COPPER CORP.
Matt Hudson
Chief Executive Officer
matt@infinitumcopper.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.
About Infinitum Copper
Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the Company has an option to earn an 80% interest. The high-grade copper-silver-gold La Adelita Project is located in Sonora and Sinaloa states in Mexico. La Adelita is a Carbonate Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 25% interest in the Hot Breccia project in the heart of the Arizona Copper Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company's business, as described in the Company's Filing Statement dated February 11, 2022. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
SOURCE: Infinitum Copper
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