Huntington Announces Proposed Share Consolidation
June 11 2019 - 12:36PM
Huntington Exploration Inc. (“
HEI" or the
“
Company”) (TSX VENTURE: HEI) announced today that
the Board of Directors has unanimously approved a consolidation of
its share capital on the basis of one (1) new common share for
every existing four (4) common shares (the
“
Consolidation”), subject to regulatory approval,
including approval of the TSX Venture Exchange. Effective on
or about Friday June 14, 2019, HEI will complete the
Consolidation. Where the exchange results in a fractional
share, the number of common shares will be rounded up to the
nearest whole common share. The Board of Directors believes
that the Consolidation should enhance the marketability of the
common share as an investment and should facilitate additional
financings to fund operations in the future. Shareholder
approval of the Consolidation was obtained at the annual general
and special shareholders meeting held on December 31, 2018. A new
CUSIP number of 445901309 replaces the old CUSIP number of
445901200, to distinguish between the pre- and post- consolidated
shares. The Company’s name and trading symbol will remain
unchanged.
Commencing at the opening of trading on or about
Friday June 14, 2019, the common shares of the Company will trade
on a post-Consolidation basis on the TSX Venture Exchange.
Following the Consolidation, there are expected to be 9,899,431
post-Consolidation shares outstanding.
HEI is an exploration-focused corporation
actively pursuing opportunities in the oil and natural gas business
in the Western Canada sedimentary basin.
On behalf of the Board of Directors:
Bob VerhelstPresident and CEO
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward Looking Statements
This press release contains certain statements
which constitute forward-looking statements or information
(“forward-looking statements”), including statements regarding
HEI’s business and the proposed Consolidation. Such forward-looking
statements are subject to numerous risks and uncertainties, some of
which are beyond HEI's control, including the impact of general
economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, operational risks in exploration and
development, competition from other industry participants, the lack
of availability of qualified personnel or management, stock market
volatility and the ability to access sufficient capital from
internal and external sources. Although HEI believes that the
expectations in its forward-looking statements are reasonable, they
are based on factors and assumptions concerning future events which
may prove to be inaccurate. Those factors and assumptions are based
upon currently available information. Such statements are subject
to known and unknown risks, uncertainties and other factors that
could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or
implied in the forward looking information. As such, readers are
cautioned not to place undue reliance on the forward looking
information, as no assurance can be provided as to future results,
levels of activity or achievements. The forward-looking statements
contained in this document are made as of the date of this document
and, except as required by applicable law, HEI does not undertake
any obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement.
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