The Conversation (0)
Hunter Oil (TSX-V: HOC; OTCQX: HOILF) announced that it will implement a consolidation of all of its issued and outstanding common shares at a ratio of ten pre-consolidation shares for one post-consolidation share. According to the press release: Effective at the opening of the market on September 9, 2016, the common shares of the Company …
Hunter Oil (TSX-V: HOC; OTCQX: HOILF) announced that it will implement a consolidation of all of its issued and outstanding common shares at a ratio of ten pre-consolidation shares for one post-consolidation share.
According to the press release:
Effective at the opening of the market on September 9, 2016, the common shares of the Company will commence trading on the TSX Venture Exchange on a consolidated basis. The Company’s name and stock symbol will remain unchanged following the Consolidation.
The new CUSIP number of the Post-Consolidation Shares will be 44570P201and the new ISIN will be CA44570P2017.
The Company currently has 80,708,810 issued and outstanding common shares and is anticipated to have 8,070,881 common shares outstanding following the Consolidation. The Company’s outstanding stock options will also be adjusted on the same basis (one for ten) as the common shares, with proportionate adjustments being made to options exercise prices.
Any fractional shares resulting from the Consolidation shall be: (a) rounded up to the next whole share if such fractional share is equal to or greater than one-half of a share; and (b) rounded down to the next whole share if such fractional share is less than one-half of a share.
Further details with regard to the background, reasoning and effect of the Consolidation are contained in the information circular for the Company’s annual general and special meeting held on June 14, 2016, a copy of which was mailed to shareholders and is available under the Company’s profile at www.sedar.com or upon request to the Company.
Registered shareholders of the Company will receive a letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc., as soon as practicable after the effective date of the Consolidation. The letter of transmittal will enable registered shareholders to exchange their share certificates representing Pre-Consolidation Shares for Post-Consolidation Shares. Until surrendered, each share certificate representing Pre-Consolidation Shares will represent the number of Post-Consolidation Shares to which the holder is entitled as a result of the Consolidation. A copy of the letter of transmittal is also available on the Company’s website or on www.sedar.com.
Shareholders who hold their common shares in brokerage accounts or in “street name” are not required to take any action to effect the exchange of their common shares.
The Consolidation has been approved by the TSX Venture Exchange and by shareholders of the Company at the June 14, 2016 annual general and special meeting.