Toronto, Ontario--(Newsfile Corp. - February 9, 2018) - Hornby Bay Mineral Exploration Ltd. (TSXV: HBE) (the "Company") announces that it will effectuate a consolidation and stock split of its issued share capital, the implementation of which will result in the elimination of all shareholdings of less than 1000 shares. This transaction was approved by the shareholders of the Company at its annual and special meeting of shareholders held on January 8, 2018.
The shareholdings of less than 1000 shares will be eliminated through a consolidation of the common shares on a 1 for 1000 basis effective on Friday, February 9, 2018 (the "Consolidation Date"), the cancellation of the fractional shares created by the consolidation, and the subsequent split of the remaining shares on a 1000 for 1 basis effective at 12:01 a.m. on Monday, February 12, 2018.
Mechanics of Restructuring
After the foregoing steps are effected, any shareholder of 1,000 or more common shares will have the same number of shares as before the steps were taken; any holder of less than 1,000 common shares will be paid the cash value of their shares upon surrender of their share certificates. The cash value of the shares surrendered will be equal to the number of pre-consolidation common shares held by the holder multiplied by $0.05, which is equal to the volume weighted average trading price of the common shares for the five trading days preceding the Consolidation Date. Letters of transmittal were previously mailed to shareholders in connection with the annual and special meeting and are available on SEDAR or from the Company's transfer agent, TSX Trust (tel.: 416-342-1091). The failure by a shareholder to forward a duly completed letter of transmittal on or prior to February 9, 2020 will result in forfeiture of any entitlement to payment of the consideration which would otherwise be payable to such shareholder pursuant to the special resolution.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Arvin Ramos, CFO
Neither the 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 may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. 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.