(Orex Minerals, 22.Sep.2023) — Orex Minerals Inc. (TSXV: REX) (OTCQB: ORMNF) announced that, effective 27 September 2023, the company will consolidate its issued and outstanding common shares at a ratio of ten (10) pre-consolidation shares to one (1) post-consolidation share. The reasons for the consolidation are to increase the company’s flexibility and competitiveness in the marketplace and to attract new equity investment in the company.
The shares are expected to commence trading on a consolidated basis at the start of trading on 27 September 2023. Following completion of the consolidation, the company expects to have approximately 18.74 million shares outstanding.
No fractional shares will be issued under the consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional share as a result of the consolidation shall be rounded up to the next higher whole number if the fraction is 0.5 or greater and rounded down to the next lower whole number if the fraction is less than 0.5. The consolidation will not affect any shareholder’s percentage ownership in the company other than by the minimal effect of the aforementioned elimination of fractional shares, even though such ownership will be represented by a smaller number of shares. Instead, the consolidation will reduce proportionately the number of shares held by all shareholders.
Shareholders who hold uncertificated shares (including shares held through a brokerage account and/or not represented by a physical share certificate), will have their holdings electronically adjusted by the company’s transfer agent or by their brokerage firms, banks, trust or other nominees. Such shareholders do not need to take any additional actions to exchange their pre-consolidation shares for post-consolidation shares. Letters of transmittal are being mailed to all registered shareholders holding share certificates with instructions on how to exchange existing share certificate(s) for new share certificate(s).
A copy of the letter of transmittal will also be available on the company’s profile on SEDAR+.
The company’s new CUSIP number for the post-consolidation shares will be 68616X209 and its new ISIN number is CA68616X2095.