The reasons for the Consolidation are to increase the Company's flexibility and competitiveness in the marketplace and to attract new equity investment in the Company.
The Shares are expected to commence trading on a consolidated basis at the start of trading on
No fractional Shares will be issued under the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional Share as a result of the Consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater and rounded down to the next lower whole number if the fraction is less than 0.5. The Consolidation will not affect any shareholder's percentage ownership in the Company other than by the minimal effect of the aforementioned elimination of fractional Shares, even though such ownership will be represented by a smaller number of Shares. Instead, the Consolidation will reduce proportionately the number of Shares held by all shareholders.
Shareholders who hold uncertificated Shares (including Shares held through a brokerage account and/or not represented by a physical share certificate), will have their holdings electronically adjusted by the Company's transfer agent or by their brokerage firms, banks, trust or other nominees. Such shareholders do not need to take any additional actions to exchange their pre-Consolidation Shares for post-Consolidation Shares. Letters of transmittal are being mailed to all registered shareholders holding share certificates with instructions on how to exchange existing share certificate(s) for new share certificate(s).
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FORWARD LOOKING STATEMENTS
This News Release may contain forward-looking statements including, but not limited to, statements with respect to the initial program and budget for the Project. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and
For additional information on risks and uncertainties, see the Company's most recently filed annual management discussion and analysis ('MD&A'), which is available on SEDAR+ at www.sedarplus.ca and on the Company's website at www.orexminerals.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
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