DNI METALS INC. (DNI : TSX-Ven)(DG7 : Frankfurt)
TORONTO, Dec. 9, 2014 /CNW/ - DNI Metals Inc. (the "Corporation" or "DNI") (DNI:TSX-Ven)(DG7:FSE) is pleased to announce that the consolidation of the common shares of the Corporation (the "Common Shares") approved by the Corporation's Board of Directors on November 17, 2014, on the basis of a consolidation ratio of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Share Consolidation"), will become effective on December 10, 2014 (the "Effective Date"). The Corporation has received final acceptance by the TSX Venture Exchange ("TSVX") to effect the Share Consolidation. The post-consolidation Common Shares are expected to begin trading on the TSXV at the opening of market on December 10, 2014, under the existing stock symbol "DNI" on the TSXV. A new CUSIP number 23327V208 has been obtained to replace the previous CUSIP number in order to distinguish the pre-consolidation Common Shares and the post-consolidation Common Shares.
Pursuant to the Share Consolidation, each ten (10) Common Shares issued and outstanding immediately prior to December 10, 2014 will automatically be classified, without any action of the holder thereof, into one (1) Common Share. The Share Consolidation will affect all of the Common Shares outstanding immediately prior to the market opening on December 10, 2014. No fractional Common Shares will be issued pursuant to the Share Consolidation. Contrary to the previous disclosure in Press Release issued on November 17, 2014, any fractional shares that would otherwise be issued will be rounded up to the nearest whole number of share. As a result of the Share Consolidation, the number of issued and outstanding Common Shares will be reduced from 74,857,022 to 7,485,702, subject to adjustments resulting from the rounding up process.
With respect to Share Consolidation, letters of transmittal have been mailed out to registered shareholders of the Corporation by the Corporation's Stock Transfer Agent, TMX Equity Transfer Services Inc., which letter of transmittal enables them to exchange their old share certificates representing the pre-consolidation Common Shares by new share certificates representing the post-consolidation Common Shares, in accordance with the instructions set forth in the letter of transmittal. Shareholders who hold their Common Shares through a broker or other intermediary and do not have Common Shares registered in their name, they will not need to complete a letter of transmittal while the exchange will be completed by their broker or intermediary.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
DNI - TSX Venture
DG7 - Frankfurt
Issued: 7,485,702 (on a post-consolidation basis)
We seek Safe Harbour. This announcement includes forward looking statements. While these statements represent DNI's best current judgment, they are subject to risks and uncertainties that could cause actual results to vary, including risk factors listed in DNI's Annual Information Form and its MD&As, all of which are available from SEDAR and on its website.
SOURCE: DNI Metals Inc.