Toronto, Ontario--(Newsfile Corp. - December 2, 2016) - Kitrinor Metals Inc. (TSXV: KIT) (the "Company") is pleased to announce that the consolidation of the common shares of the Company (the "Common Shares") on a 10 pre-consolidation Common Shares for 1 post-consolidation Common Share basis (the "Consolidation"), will become effective on December 5, 2016. The Company has received final acceptance by the TSX Venture Exchange ("TSVX") to effect the Consolidation. The post-Consolidation Common Shares are expected to begin trading on the TSXV at the opening of market on December 5, 2016, under the existing stock symbol "KIT". A new CUSIP number has been obtained to replace the previous CUSIP number in order to distinguish the pre-Consolidation Common Shares and the post-Consolidation Common Shares.
Following the Consolidation, the Company will have approximately 2,430,638 Common Shares outstanding. The change in the number of issued and outstanding Common Shares resulting from the Consolidation will not affect any shareholder's percentage ownership in the Company, although such ownership will be represented by a smaller number of Common Shares.
With respect to the Consolidation, letters of transmittal are being 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.
Upon completion of the Consolidation, the previously issued special warrants of the Company will be converted into 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 entitles 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).
About Kitrinor Metals Inc.
Kitrinor is a junior mining exploration company engaged in the acquisition, exploration and development of mineral resource properties in Canada. The Company's activities are currently focused on the exploration and development of the Culroc Property located in the Township of Sothman, Ontario.
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.