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.
For further information: Mr. Jeffrey Mandel, President & CEO, IR@mitectech.com, Tel.: (905) 822-8170