OAKVILLE, Ontario, May 31, 2018 (GLOBE NEWSWIRE) -- Saint Jean Carbon Inc. (“Saint Jean” or the “Company”) (TSX-V:SJL) (OTCQB:TORVF) is pleased to announce that the shareholders of the Company approved consolidation of its Common Shares on the basis of one (1) post-consolidation Common Share for every four (4) pre-consolidation Common Shares (the “Share Consolidation”) at the Annual General and Special Meeting of the Shareholders held on May 25, 2018 (the “Meeting”).
Subject to acceptance by the TSX Venture Exchange (the “TSXV”), at the Meeting the shareholders approved the Share Consolidation and granted the Board of Directors the authority to implement the Share Consolidation or, in its discretion, revoke the special resolution and abandon the Share Consolidation without further approval or action or prior notice to the shareholders. At this time, the Board of Directors believes it is in the Company’s best interest to proceed with the Share Consolidation as it is necessary in order to facilitate future equity financings by the Company.
The Share Consolidation will not materially affect any shareholder’s percentage ownership in the Company, even though such ownership will be represented by a smaller number of Common Shares. No fractional shares will be issued in connection with the Share Consolidation. If, as a result of the Share Consolidation, the holder becomes entitled to a fractional share, such fraction will be rounded down to the nearest whole number. As of the date of this news release, the Company has 249,120,130 Common Shares issued and outstanding. After giving effect to the Share Consolidation, the Company will have approximately 62,280,032 Common Shares issued and outstanding. The Company will not be changing its name in conjunction with the Share Consolidation.
The proposed Share Consolidation remains subject to the approval and acceptance by the TSXV. The Company will be applying to the TSXV for approval of the Share Consolidation as soon as practicable and assuming the approval of the TSXV is obtained the Company will provide an update as to the timing of the Share Consolidation.
About Saint Jean Carbon
Saint Jean is a publicly traded carbon science company, with specific interests in energy storage and green energy creation and green re-creation, with holdings in graphite mining and lithium claims in the province of Quebec in Canada. For the latest information on Saint Jean’s properties and news please refer to the website: http://www.saintjeancarbon.com/ .
On behalf of the Board of Directors
Saint Jean Carbon Inc.
Paul Ogilvie, CEO and Director
Information Contact :
Tel: (905) 844-1200
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.
This news release contains forward‐looking statements, within the meaning of applicable securities legislation, concerning Saint Jean’s business and affairs. In certain cases, forward‐looking statements can be identified by the use of words such as ‘‘plans’’, ‘‘expects’’ or ‘‘does not expect’’, ‘‘budget’’, ‘‘scheduled’’, ‘‘estimates’’, “forecasts’’, ‘‘intends’’, ‘‘anticipates’’ or variations of such words and phrases or state that certain actions, events or results ‘‘may’’, ‘‘could’’, ‘‘would’’, ‘‘might’’ or ‘‘will be taken’’, ‘‘occur’’ or ‘‘be achieved’’ or similar expressions and includes suggestions of future outcomes, including statements about the approval and acceptance of the Share Consolidation and number of Common Shares outstanding following the Share Consolidation. These forward looking statements are based on current expectations, and are naturally subject to uncertainty and changes in circumstances that may cause actual results to differ materially. These risks include, but are not limited to receiving acceptance from the TSX Venture Exchange for the Share Consolidation. Readers are cautioned not to place undue reliance on such forward‐looking statements. Forward‐looking information is provided as of the date of this press release, and Saint Jean assumes no obligation to update or revise them to reflect new events or circumstances, except as may be required under applicable securities laws.