Vancouver, British Columbia, December 22, 2016 – Equitas Resources Corp. (“Equitas” or the “Company”) (TSXV: EQT) (US: EQTRF) (Frankfurt: T6UN) intends to pursue a share consolidation of the Company’s outstanding common shares (“Common Shares”) at a share consolidation ratio of one (1) post-consolidation share for every ten (10) pre-consolidation Common Shares (the “Consolidation”). The Consolidation is subject to TSX Venture Exchange approval.
Equitas currently has 222,247,424 Common Shares issued and outstanding. After giving effect to the Consolidation, Equitas will have approximately 22,224,742 Common Shares outstanding.
After completion of the Consolidation, the Company will give written notice thereof to all registered shareholders and will provide them with a form of a letter of transmittal to be used for the purpose of surrendering their certificates representing the currently outstanding Common Shares to the Company’s registrar and transfer agent in exchange for new share certificates representing whole post-Consolidation Common Shares. After the Consolidation, current issued share certificates representing pre-Consolidation Common Shares will: (a) constitute good delivery for the purposes of trades of post-Consolidation Common Shares; and (b) be deemed for all purposes to represent the number of post-Consolidation Common Shares to which the shareholder is entitled, as a result of the Consolidation. No delivery of a new share certificate to a shareholder will be made until the shareholder has surrendered his, her or its current issued share certificates. Following the Consolidation, the Common Shares will have a new ISIN and CUSIP number. The Company’s name and trading symbol will remain unchanged.
On Behalf of the Board of Directors,
EQUITAS RESOURCES CORP.
President & CEO
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 press release.
This news release contains forward-looking statements relating to the proposed share consolidation. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. There can be no assurance that such statement will prove to be accurate and future events could differ materially from those anticipated in this statement.
The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required