MONTREAL, May 22, 2019 /CNW/ -- Engagement Labs Inc.
(TSXV: EL) (OTCQB: ELBSF) announces that at a special meeting
of shareholders held today, shareholders approved a special
resolution providing for the consolidation of its outstanding
common shares on a two-for-one basis. A Certificate of Amendment
has been issued under the Canada Business Corporations Act giving
effect today to the two-for-one share consolidation. The number of
outstanding common shares has changed from 217,261,430 common
shares to 108,630,700 common shares. Letters of Transmittal were
mailed to shareholders on May 1, 2019
providing for the transmittal of existing common shares
certificates by the registered holders thereof to Computershare
Investor Services Inc. in exchange for replacement share
certificates reflecting the number of shares held on a two-for-one
post-consolidated basis.
The Company also announced that holders of more than 90% of the
aggregate principal amount of 1% Debentures, and 2% Debentures,
respectively, have provided the requisite 90% approval in writing
to give effect to amendments to their Debentures that will result
in all of the $1,665,000 aggregate
principal amount of 2% Debentures outstanding being converted into
27,750,000 common shares at $0.06 per
share, and all of the $4,194,000
aggregate principal amount of 1% Debentures outstanding being
converted into 38,127,272 common shares at $0.11 per share. With these approved amendments
at total of $5,859,000 in
indebtedness plus approximately $200,000 in interest that would have been payable
through maturity will be eliminated upon completing the conversion
of debentures and the issue of the common shares to which the
Debentureholders are entitled under the terms of the
amendments.
Ed Keller, the Chief Executive
Officer and a Director of the Corporation may be contacted at
information@engagementlabs.com for further information regarding
the contents of this News Release.
About Engagement Labs
Engagement Labs (TSXV: EL)
(OTCQB: ELBSF) is an industry-leading data and analytics firm that
provides social intelligence for Fortune 500 brands and
companies.
To learn more visit www.engagementlabs.com
Neither the 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.
For media inquiries please contact:
Vanessa Lontoc / Ed
Keller, CEO
Engagement Labs
vanessa.lontoc@engagementlabs.com /
ed.keller@engagementlabs.com
SOURCE Engagement Labs