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TORONTO, Jan. 10, 2020 /CNW/ - Central Timmins
Exploration Corp. ("CTEC" or the "Corporation") (TSXV: CTEC)
announces that at the special meeting of shareholders held on
January 9, 2020, a special resolution
was passed by shareholders authorizing and approving an amendment
to the Corporation's articles to effect a consolidation (the "Share
Consolidation") of the issued and outstanding common shares of the
Corporation (the "Common Shares"). Subsequent to the special
meeting, the Board of Directors elected to proceed with the Share
Consolidation on the basis of one (1) post-consolidation Common
Share for every six (6) pre-consolidation Common Shares.
As at the date hereof, the Corporation has 51,350,000 Common
Shares issued and outstanding. Upon completion of the Share
Consolidation, the number of post-consolidation Common Shares
issued and outstanding will be approximately 8,558,333 (on a
non-diluted basis). Any fractional Common Share resulting from the
Share Consolidation will be rounded down to the nearest whole
number and any such fractional interest will be cancelled without
consideration.
The Share Consolidation remains subject to final approval by the
TSX Venture Exchange. The post-consolidation Common Shares are
expected to be posted for trading on the TSX Venture Exchange at
the opening of trading on January 14,
2020, under the current symbol "CTEC".
The implementation of the Share Consolidation will not affect
the total shareholders' equity of the Corporation or any components
of shareholders' equity as reflected on the Corporation's financial
statements except: (i) to change the number of issued and
outstanding Common Shares; and (ii) to change the number of
outstanding stock options and common share purchase warrants of the
Corporation, as well as their relative exercise prices, to reflect
the Share Consolidation.
In connection with the special meeting, registered shareholders
were provided with a letter of transmittal (the "Letter of
Transmittal"). Registered shareholders should deliver their Common
Share certificate(s) and a completed Letter of Transmittal to TSX
Trust Company in accordance with the instructions therein. Upon
receipt of such Common Share certificate(s) and a completed Letter
of Transmittal, TSX Trust Company shall mail new post-consolidation
Common Share certificates to registered shareholders to reflect the
Share Consolidation.
About Central Timmins Exploration Corp.
CTEC is an
early-stage Canadian junior exploration company with property
primarily within the city limits of Timmins in the Porcupine Mining District in
the northeastern region of Ontario. The Corporation's assets are
prospective for gold as well as a suite of base metals. See the
company website at www.centraltimmins.com.
Forward Looking Information
This press release contains "forward-looking information"
within the meaning of applicable securities laws that is intended
to be covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology and
includes statements relating to, among other things, the timing of
the posting for trading of the post-consolidation Common
Shares.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made. Furthermore,
such forward-looking information involves a variety of known and
unknown risks, uncertainties and other factors which may cause the
actual plans, intentions, activities, results, performance or
achievements of the Corporation to be materially different from any
future plans, intentions, activities, results, performance or
achievements expressed or implied by such forward-looking
information. See "Particulars of Matters to be Acted Upon at the
Meeting – Share Consolidation – Risk Factors" in the Information
Circular and "Risk Factors" in the Corporation's final prospectus
dated October 4, 2018 filed on SEDAR
at www.sedar.com for a discussion of these risks.
CTEC cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, CTEC does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Central Timmins Exploration Corp
