TORONTO, Oct. 25, 2016 /CNW/ - SelectCore
Ltd. ("SelectCore" or the "Company") (TSX-V:
SCG) announces today that it is proposing to consolidate its issued
and outstanding common shares (the "Common Shares") on the
basis of one (1) post-consolidation Common Share for up to every
ten (10) pre-consolidation Common Shares (the
"Consolidation"), or such lower number of pre-consolidation
shares as may be determined by the Board of Directors (the
"Board") or may be required to obtain approval of the
Consolidation from the TSX Venture Exchange. Additional information
relating to the proposed Consolidation is included in the
management information circular of the Company dated October 6, 2016 (the "Circular"), which is
available at http://noticeinsite.tsxtrust.com/SelectcoreASM2016 and
its issuer profile on SEDAR at www.sedar.com.
The Company has posted the Circular with respect to its annual
and special meeting of shareholders (the "Shareholders")
scheduled for November
24th, 2016 (the "Meeting"). As part of the
Meeting, Shareholders will be asked to pass a special resolution
authorizing the Board, at a time it sees fit, to amend the
Company's articles to effect the Consolidation. There are currently
30,037,852 Common Shares issued and outstanding. If and upon the
Consolidation becoming effective, on a maximum of one (1) to ten
(10) basis, it is expected there will be approximately 3,003,785
post-Consolidation Common Shares in the capital of the Company
issued and outstanding on a non-diluted basis.
The Board has concluded that the Consolidation would be in the
best interests of the Shareholders, as it could lead to increased
interest by a wider audience of potential investors and could
better position the Company to obtain financing and pursue
acquisition opportunities. If the resolution is passed by
Shareholders at the Meeting, the Board shall have up to 24 months
from the date of the Meeting to implement the Consolidation. The
Board, in its sole discretion, may revoke the resolution approving
the Consolidation and abandon the Consolidation without further
approval, action by, or prior notice to Shareholders. The
Consolidation is subject to Shareholder and regulatory approval,
including the approval of the TSX Venture Exchange.
Registered Shareholders are advised not to mail in the
certificate(s) representing their Common Shares until they receive
a letter of transmittal and confirmation from the Company by way of
news release that the Board of Directors of the Company has decided
to implement the Consolidation.
About SelectCore
Established in 1999, SelectCore is a leading prepaid financial
services provider and transaction processor for under-banked and
underserved markets. From prepaid mobile top-up to stored-value
cards and remittance solutions, SelectCore services a market of
millions of under-banked consumers through its technology platforms
and extensive retail distribution network. SelectCore is a publicly
traded company listed on the TSX Venture Exchange under the symbol
"SCG" (TSXV: SCG). SelectCore was ranked by Profit100 as one of
Canada's fastest-growing companies
in 2006, 2007, 2009 and 2010. SelectCore was also ranked one
of North America's fastest growing
companies on Deloitte's 2011 Technology Fast 500.
CAUTIONARY STATEMENT: 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.
Forward-Looking Information
This press release
contains "forward-looking information" within the meaning of
applicable securities legislation. Forward-looking information
includes, but is not limited to, statements regarding the proposed
Consolidation, the perceived benefit of the Consolidation and
receipt of shareholder and regulatory
approval. Forward-looking information is subject
to known and unknown risks, uncertainties and other factors that
may cause the actual results to be materially different from those
expressed or implied by such forward-looking information, including
but not limited to: general business, economic, competitive,
political and social uncertainties and risks of the mining
industry. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with
applicable securities laws.
SOURCE SelectCore Ltd.
