TORONTO, July 16, 2015 /CNW/ - GPM Metals Inc. (TSXV:GPM) (the "Company" or "GPM") announces that it has filed articles of amendment to consolidate the Company's issued and outstanding common shares on the basis of one (1) new common share for every two (2) existing common shares, effective as of July 16, 2015 (the "Consolidation"). Shareholder approval of the Consolidation was obtained at the Company's annual and special meeting of shareholders held on June 24, 2015.
In connection with the Consolidation, the Company has sent letters of transmittal to holders of its common shares for use in transmitting their share certificates to the Company's registrar and transfer agent in exchange for new certificates representing the number of post-Consolidation common shares to which such shareholder is entitled as a result of the Consolidation. No delivery of a certificate evidencing a post-Consolidation common share of the Company to a shareholder will be made until the shareholder has surrendered its current issued certificates. Until surrendered, each certificate formerly representing pre-Consolidation common shares shall be deemed for all purposes to represent the number of post-Consolidation common shares to which the holder is entitled as a result of the Consolidation.
As at July 16, 2015, immediately following the Consolidation, there were 61,475,358 common shares of the Company issued and outstanding. The post-Consolidation common shares will commence trading on the TSX Venture Exchange effective as of July 17, 2015.
This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur, including the effective date of trading of the post-Consolidation common shares. Although GPM believes that the expectations reflected in the forward looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause GPM's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and GPM does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this 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.
SOURCE GPM Metals Inc.
For further information: GPM Metals Inc., Suite 301, 141 Adelaide Street West, Toronto, Ontario M5H 3L5, Attn: John Patrick Sheridan, Tel: (416) 628-5904, Fax: (416) 628 5935, E-mail: firstname.lastname@example.org