CPO.V - Power Group Projects Corp.

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  • CNW Group

    Cobalt Power Group Inc. Announces Consolidation and Name Change to "Power Group Projects Corp."

    TORONTO , Feb. 7, 2019 /CNW/ - Cobalt Power Group Inc. ("Power Group") (TSX Venture: PGP) is pleased to announce that it has filed articles of amendment ("Articles") to change its name to "Power Group Projects Corp." and consolidate its common shares (the "Common Shares") on a ten (10) for one (1) basis (the "Consolidation") (previously reported November 23, 2018 as a 1:12 Share Consolidation). The Consolidation will reduce the number of outstanding Common Shares from 158,605,628 to approximately 15,860,562 No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued have been rounded down to the nearest whole number.  The change in the number of issued and outstanding Common Shares that that result from the Consolidation will not materially affect any shareholder's percentage ownership in Power Group, although such ownership would be represented by a smaller number of Common Shares.