VANCOUVER, BC, June 14, 2022 /CNW/ - Verisante Technology Inc. (the "Corporation") (NEX: VRS.H) announces that the Corporation will undertake a consolidation ("Consolidation") of its outstanding common shares on the basis of one (1) post-Consolidation Share for every ten (10) pre-Consolidation shares. The Consolidation has been approved by the directors of the Corporation, in accordance with the Articles of the Corporation.
On or about June 20, 2022, the common shares of the Corporation will commence trading on a post-Consolidation basis under the new ticker symbol VER.H on the NEX board of the TSX-V Exchange. As of the date of this news release, the Corporation has 98,615,888 common shares issued and outstanding. Following completion of the Consolidation, the Corporation is expected to have approximately 9,861,588 common shares issued and outstanding. The 15,3354,182 common shares issuable upon TSX-V Exchange acceptance of the Corporation's proposed shares for debt and private placement announced on June 6, 2022, will also be proportionally adjusted upon completion of the Consolidation. The Corporation has no preferred shares, warrants or options outstanding.
A letter of transmittal will be mailed to registered shareholders once the Consolidation has taken effect. The letter of transmittal contains instructions on how registered shareholders can exchange their share certificates evidencing their pre-Consolidation shares for new share certificates representing the number of post-Consolidation shares to which they are entitled.
Beneficial shareholders holding their shares through a brokerage may be subject to different procedures for obtaining their post-Consolidation shares. If shareholders have any questions in this regard, they are encouraged to contact their respective brokerage or intermediary.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
This release contains forward-looking statements all of which statements are subject to market risks, and the possibility that the Corporation will not be able to achieve all of its stated goals. These statements are made based upon current expectations and actual results may differ from those projected due to a number of risks and uncertainties.
SOURCE Verisante Technology, Inc.
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