July 19, 2018 - Minfocus Exploration Corp. (TSX-V: MFX) (“Minfocus” or “Company”) Minfocus announces the Board of Directors has approved a proposed consolidation of the outstanding common shares of the Company on the basis of seven (7) pre-consolidation shares for one (1) post-consolidation share.
The Company currently has 76,915,424 common shares outstanding and post-consolidation there will be 10,987,918 common shares outstanding, subject to rounding. No fractional shares will be issued as a result of the share consolidation. Any fractional shares resulting from the shares consolidation will converted to whole shares. The Company’s outstanding incentive stock options and warrants will be adjusted on the same basis (1:7) to reflect the consolidation in accordance with their respective terms with proportionate adjustments to be made to the exercise prices.
After completion of the share consolidation, the Company will give written notice thereof to all registered shareholders and will provide them with a form of letter of transmittal to be used for the purpose of surrendering their certificates representing the currently outstanding common shares to the Company’s registrar and transfer agent in exchange for new share certificates representing whole post-consolidation common shares. After consolidation, the current issued share certificates representing pre-consolidation common shares will constitute good delivery for the purposes of trades of post-consolidation common shares and be deemed for all purposes to represent the number of post-consolidation common shares to which the shareholder is entitled as a result of the consolidation. No delivery of a new share certificate to a shareholder will be made until the shareholder has surrendered its current issued share certificates. The post-consolidation common shares of the Company will have a new CUSIP and ISIN number.
The proposed share consolidation is subject to TSXV approval. Pursuant to the Articles of the Company, the Company is not required to obtain shareholder approval for the consolidation. The consolidation is being undertaken due the Company’s share trading below the minimum price at which shares from treasury may be issued under TSXV policy. There will be no change to the name or trading symbol of the Company as a result of the proposed consolidation.
For further information, please contact:
Kenneth B. de Graaf
President & Chief Executive Officer
About Minfocus Exploration Corp.
Minfocus Exploration Corp. is a Canadian company currently advancing a portfolio of base metal projects including zinc projects in Newfoundland and British Columbia, and a Platinum Group Element (“PGE”) rich nickel project in N.W. Ontario. Minfocus has a successful management group with a record of multiple discoveries of deposits worldwide, including gold and uranium deposits in Mongolia and PGE-rich resources in Ontario, including the discovery of the first Platinum-rich Pt-Pd-Cu-Ni deposit in the Midcontinent Rift, the Current Lake deposit (+700,000 oz. Pt-Eq).
Neither the TSX Venture Exchange nor its Regulatory Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release includes certain forward-looking statements concerning the future performance of the Company’s business and operations as well as management’s objectives, strategies, beliefs and intentions. Forward-looking statements are often identifiable by the use of words such as “may”, “will”, “might”, “would”, “plan”, “believe”, “expect”, “anticipate”, “intend”, “estimate”, “scheduled”, “forecasts” and similar expressions or variations (including negative variations) of such words and phrases. Forward-looking statements are based on the current opinions and expectations of management, and are subject to a number of risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those currently anticipated by such statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, the possibility that future exploration results will not be consistent with the Company’s expectations, fluctuating commodity prices, delays in commencing the Company’s proposed drilling program, exploration costs varying significantly from estimates, the availability of financing, and other risks identified in the Company’s documents filed with the Canadian securities regulatory authorities at www.sedar.com. Any forward-looking statement speaks only of the date on which it is made, and except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement.