TORONTO, ONTARIO--(Marketwired - Jul 24, 2017) - Pele Mountain Resources Inc. (TSX VENTURE:GEM) ("Pele" or the "Company") announced today that further to its press release dated July 5, 2017, the Company has completed a share consolidation of the Company's issued and outstanding common shares (the "Consolidation") on the basis of ten (10) pre-consolidation shares to one (1) post-consolidation share. Shareholder authorization to effect the Consolidation was approved at the Company's annual and special meeting held on March 9, 2017. The Consolidation reduced the number of issued and outstanding common shares of the Company from 209,996,930 pre-Consolidation common shares to approximately 20,999,693 post-Consolidation common shares. The Company's common shares continue to be traded on the TSXV under the symbol "GEM".
A letter of transmittal was mailed by the Company's transfer agent on July 13, 2017, to all registered shareholders, with information on how to exchange their pre-Consolidation share certificates for post-Consolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted on the 10:1 basis through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information. No fractional shares will be issued as a result of the Consolidation. Shareholders who otherwise are entitled to receive a fraction of a common share will be rounded down to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares.
Further details with respect to the Consolidation are contained in the Company's management information circular dated January 27, 2017, a copy of which is available on SEDAR at www.sedar.com.
The exercise price and number of common shares of the Company issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation.
Pele Mountain Resources Inc. has a strategic relationship with Enirgi Group Corporation to market and develop Enirgi Group's proprietary DXP Technology in North America. The Company is seeking to partner with holders of lithium brine resources to unlock value through the application of the technology.
Pele shares are listed on the TSX Venture Exchange under the symbol "GEM".
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or future performance, including statements as to the following: the outcome of a strategic review by the Board and any new direction in business, the entering into a relationship agreement with Enirgi Group, including any strategic cooperation relating to Enirgi Group's DXP technology or in the lithium industry or the entering into of a management services agreement with Enirgi Group; the settlement of any of Pele's indebtedness; the future use, application or licensing of Enirgi Group's DXP Technology in North America or elsewhere. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Pele's current belief or assumptions as to the outcome and timing of such future events. Whether actual results and developments will conform with Pele's expectations is subject to a number of risks and uncertainties including factors underlying management's assumptions, such as risks related to board approvals, regulatory or shareholder approvals (if required) for any transaction, negotiation of definitive documentation; risks relating to the closing of acquisitions and settlements of debts with creditors; risks relating to the development and marketing of new processing technologies; and financial risks relating to a lack of operational cash flow. Actual future results may differ materially. The forward-looking information contained in this release is made as of the date hereof and Pele is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. For more information see the Company's disclosure documents on SEDAR at www.sedar.com.
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.
Shares Outstanding: 20,999,693