VANCOUVER, BC, Sept. 22, 2023 /CNW/ – Orex Minerals Inc. (TSXV: REX) (OTCQB: ORMNF) (“Orex” or the “Company“) today announced that, effective September 27, 2023, the Company will consolidate its issued and outstanding common shares (the “Shares“) at a ratio of ten (10) pre-consolidation Shares to one (1) post-consolidation share (the “Consolidation“). 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 Wednesday, September 27, 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.
ABOUT OREX MINERALS INC.
Orex Minerals Inc. is a mineral exploration company focused on precious and base metals exploration in Mexico and Canada. Orex has several current projects: Two projects are located in Durango State, Mexico, the Sandra Silver-Gold Project with Pan American Silver Corp. and the Coneto Gold-Silver Project with Fresnillo PLC. The third project is the Jumping Josephine Gold Project in British Columbia, Canada. Orex is managed by the experienced Belcarra Group Management Ltd. (the “Belcarra Group“), comprised of highly qualified mining professionals.
ON BEHALF OF THE BOARD OF DIRECTORS
B. H. Whiting. P.Geo.
President and CEO
FORWARD LOOKING STATEMENTS
This News Release may contain forward-looking statements including, but not limited to, statements with respect to the initial program and budget for the Project. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and Orex undertakes no obligation to update such statements, except as required by law.
For additional information on risks and uncertainties, see the Company’s most recently filed annual management discussion and analysis (“MD&A”), which is available on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.orexminerals.com. The risk factors identified in the MD&A are not intended to represent a complete list of factors that could affect the Company.
Neither 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.
SOURCE Orex Minerals Inc.
For further information: Please contact Orex Minerals Inc. at 604-687-8566, email [email protected] or [email protected] or visit our website www.orexminerals.com.
Original Article: https://www.newswire.ca/news-releases/orex-announces-share-consolidation-801680441.html
