Toronto, Ontario--(Newsfile Corp. - July 15, 2022) - Xigem Technologies Corporation (CSE: XIGM) (FSE: 2C1) ("Xigem" or the "Company"), a technology provider for the emerging remote economy, today announced it is proceeding with a consolidation of its issued and outstanding share capital on the basis of one (1) new common share for every ten (10) outstanding common shares (the "Consolidation").
The Company currently has 153,168,214 common shares (the "Shares") issued and outstanding. Following the Consolidation, the Company will have approximately 15,316,821 Shares issued and outstanding. No fractional Shares will be issued under the Consolidation and any fraction will be rounded to the nearest whole number. The exercise or conversion price and/or the number of Shares issuable under any of the Company's outstanding convertible securities, stock options and warrants will be proportionally adjusted after giving effect to the Consolidation based on the Consolidation ratio (10:1).
Subject to acceptance by the Canadian Securities Exchange (the "CSE"), the Shares are expected to begin trading on a post-Consolidation basis on the CSE when markets open on July 21, 2022 (the "Effective Date"). The CSE is expected to issue a bulletin on the Effective Date advising dealers of the Consolidation. The record date for the Consolidation will be one trading day later on July 22, 2022. The Company's name and trading symbol will not change. The Company has been issued with a new CUSIP Number (98422W202).
The Company's Board of Directors anticipates that the potential benefits of the Consolidation include increased investor interest and reduced volatility. The Consolidation was approved by the Company's shareholders at its recent annual meeting held on April 13, 2022. Additional details about the Consolidation can be found in the Company's Management Information Circular dated March 9, 2022.
Registered shareholders were sent a Letter of Transmittal with their proxy materials in conjunction with the Company's April 13, 2022 annual meeting. The Letter of Transmittal provides instructions on how to exchange share certificates representing pre-Consolidation common shares for new share certificates or Direct Registration Advice (DRS) representing post-Consolidation common shares to which they are entitled as a result of the Consolidation. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to effect the Consolidation.
About Xigem Technologies Corporation
Established in Toronto, Ontario, Xigem is positioned to become a leading technology provider for the emerging near trillion-dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers, and other organizations. iAgent, the Company's patented technology, and FOOi, its proprietary peer-to-peer mobile payments app, are intended to provide organizations, businesses, and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments, while the Company looks to aggregate a portfolio of innovative technologies capable of disrupting traditional business models.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward- looking statements contained herein include, but are not limited to, statements regarding the Company's future business plans and utilization of the Company's technologies.
Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the continued commercial viability and growth in popularity of the Company's applications; continued market demand for the Company's products; continued approval of the Company's activities by the relevant governmental and/or regulatory authorities; continued development of the Company's technologies; and the continued growth of the industry the Company operates in.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the potential inability of the Company to continue as a going concern; risks associated with the technology and data industries in general; increased competition in the technology and data markets; the potential future unviability or limited viability of the Company's product offerings; incorrect assessment of the value and potential benefits of the products described in this press release and the expected enhancements to such products; risks associated with potential governmental and/or regulatory action with respect to the activities of the Company; and risks with respect to market demand for the Company's products.
Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect the Company's expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
SOURCE: Xigem Technologies Corporation
On behalf of the Company:
Brian Kalish, Chief Executive Officer
For further information:
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