TORONTO, Sept. 29, 2016 /CNW Telbec/ - Mitec Technologies
Inc. ("Mitec", symbol "MTM.h") announces today that it has filed
articles of amendment effecting a consolidation of its common
shares on the basis of one post-consolidated common share in
exchange for five million two-hundred thousand pre-consolidated
common shares (the "Consolidation"). As previously disclosed,
the Consolidation was passed by Mitec's shareholders at a special
and annual meeting which took place on June
6, 2016. Post Consolidation, one common share will
remain outstanding and no fractional shares will be
issued.
All the shareholders of Mitec holding a post-consolidation
fractional interest in its common shares will receive $.02 in cash for each pre-consolidated common
share held immediately prior to the Consolidation (the
"Payment"). For example, a shareholder holding 1,000
pre-consolidated common shares will receive a payment of
$20.
Mitec has arranged that the Consolidation and Payment process
will be managed by a transfer agent as the most efficient process
to administrate this activity.
The Consolidation will be effective as of 12:01 am on September 30,
2016. Accordingly, Mitec's common shares will not re-open
for trading and it is expected that its common shares will then be
immediately delisted from the TSX Venture Exchange (NEX).
This news release contains forward-looking statements which
reflect Mitec's current expectations regarding future events. The
forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan, "estimate",
"expect", "intend" and statements that an event or result "may",
"will", "should", "could" or "might" occur or be achieved and other
similar expressions. These forward-looking statements involve risk
and uncertainties, including, in the regulatory environment and
other risks, any of which could cause results, performance, or
achievements to differ materially from the results discussed or
implied in the forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Mitec Technologies Inc.