KELOWNA, British Columbia, March 22, 2018 (GLOBE NEWSWIRE) — Fission 3.0 Corp. (“Fission 3” or the “Company”) announces that its board of directors has approved a consolidation (the “Consolidation”) of the common shares in the capital of the Company (the “Common Shares”) at a ratio of four pre-Consolidation Common Shares (the “Existing Shares”) for one post-Consolidation Common Share (the “Consolidated Shares”). Subject to the approval of the TSX Venture Exchange, the Company anticipates that the Consolidation will take effect on or around April 9, 2018, and the Consolidated Shares will subsequently begin trading on a consolidated basis under the existing trading symbol. The Consolidation was previously approved by the shareholders of the Company at the Annual Meeting of the Shareholders of the Company held on December 14, 2017. The Company is completing the Consolidation in order to facilitate potential future financings.
As a result of the Consolidation, each four Existing Shares outstanding will automatically combine into one Consolidated Share without any action on the part of the holders, and the number of outstanding Common Shares will be reduced from approximately 219,901,987 Common Shares to approximately 54,975,497 Common Shares. The Consolidation will also apply to Common Shares issuable upon the exercise of the Company’s outstanding stock options and warrants. No fractional shares will be issued as a result of the Consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the Consolidation, the number of Consolidated Shares to be received by such shareholder shall be rounded down to the next highest whole number of Consolidated Shares.
The Company’s transfer agent, Computershare Investor Services Inc., will act as exchange agent for the Consolidation. Shareholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the Consolidation, and will not be required to take further action in connection with the Consolidation, subject to brokers’ particular processes. Letters of transmittal will be mailed to the registered holders of the Company’s Common Shares, requesting that they forward their Existing Share certificates to Computershare in exchange for Consolidated Share certificates or shares held in book-entry form.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
Source: Fission 3.0