EarthRenew Announces AGM Results and Share Consolidation
June 02 2020 - 6:00PM
EarthRenew Inc. (CSE:ERTH) (“
EarthRenew” or the
“
Company”) is pleased to announce the results of
its annual general and special meeting of shareholders
(“
AGM”) held on Thursday, May 28, 2020 in Toronto,
Canada. In addition, the Company announces that its board of
directors has authorized the implementation of a consolidation (the
“
Consolidation”) of the Company’s common shares
(“
Shares”) on the basis of one post-Consolidation
Share for every three pre-Consolidation Shares, effective June 9,
2020 (the “
Effective Date”).
AGM Results
The nominees listed in the management
information circular (the “Circular”), which was
mailed to EarthRenew shareholders of record as of April 22, 2020,
were elected to the board of directors of the Company to hold
office until the next annual meeting of shareholders or until their
successors are duly appointed or elected.
Nominee |
Percentage of Votes For |
Percentage of Votes Withheld |
Keith Driver |
99.999% |
0.001% |
Catherine Stretch |
98.914% |
1.086% |
Fred Leigh |
98.914% |
1.086% |
Chris Best |
99.999% |
0.001% |
A total of 17,193,833 common shares were voted
at the AGM, representing approximately 12.87% of the issued and
outstanding common shares of the Company.
In addition, EarthRenew shareholders received
the audited consolidated financial statements of the Company for
the year ended December 31, 2019 and approved all of the other
resolutions detailed in the Circular and put forward at the AGM,
namely:
- Re-appointing McGovern Hurley LLP,
Chartered Accountants, as auditor of the Company for the ensuing
year and authorizing the directors to fix the auditor’s
remuneration;
- Approving the Company’s stock
option plan for the ensuing year, reserving for grant options to
acquire up to a maximum of 10% of the issued and outstanding
EarthRenew common shares calculated at the time of each stock
option grant; and
- Approving the consolidation of the
Company’s common shares on the basis of up to three (3)
pre-consolidation shares for one (1) post-consolidation share.
The Circular is available under EarthRenew’s
profile on SEDAR at www.sedar.com.
Consolidation
EarthRenew currently has 133,471,292 Shares
issued and outstanding. Following completion of the Consolidation,
the Company will have approximately 44,490,430 Shares issued and
outstanding. No fractional Shares will be issued pursuant to the
Consolidation; fractional Shares will be disregarded and cancelled
without any payment of capital or other compensation. The exercise
or conversion price and the number of Shares issuable under any of
EarthRenew’s outstanding convertible securities will be
proportionately adjusted upon completion of the Consolidation.
The Shares are expected to commence trading on
the Canadian Securities Exchange (the “CSE”) on a
post-Consolidation basis when markets open on June 8, 2020, under
the new CUSIP number 27034F208.
Shareholders of record as at the Effective Date
will receive a letter of transmittal providing instructions for the
exchange of their Shares as soon as practicable following the
Effective Date.
About EarthRenew
EarthRenew transforms livestock waste into a
high-performance organic fertilizer to be used by organic and
traditional growers in Canada and the United States. Located on a
25,000 head cattle feedlot, our flagship Strathmore plant is
capable of producing up to four megawatts (MW) per hour of low-cost
electricity powered by a natural gas fired turbine. The exhausted
heat from the turbine is used to convert manure into certified
organic fertilizer.
For additional information, please contact:
Keith DriverCEO of EarthRenewPhone: (403)
860-8623E-mail: kdriver@earthrenew.ca
Cautionary Note Regarding
Forward-Looking Information
This press release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Forward-looking information includes, but is not
limited to, statements with respect to the effective date of the
Consolidation and the date on which the Shares will commence
trading on the CSE on a post-Consolidation basis. Generally,
forward-looking information can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or statements
that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, geopolitical and social
uncertainties; regulatory risks; and other risks of the energy, and
fertilizer industries. Although the Company has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
information, there may be other factors that cause results not to
be as anticipated, estimated or intended. There can be no assurance
that such information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not
undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its
Market Regulator (as that term is defined in the policies of the
Canadian Securities Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Replenish Nutrients (CSE:ERTH)
Historical Stock Chart
From Jul 2024 to Aug 2024
Replenish Nutrients (CSE:ERTH)
Historical Stock Chart
From Aug 2023 to Aug 2024