DNI METALS INC. (DNI : TSX-Ven)(DG7 : Frankfurt)
Share Consolidation
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.