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.
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.
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.
For further information: Mohammad Abuleil, (866) 825-1267 ext. 246, firstname.lastname@example.org, www.selectcore.com