Leonovus Inc. Announces Proposed Share Consolidation
Leonovus Inc. (“Leonovus
” or the
) (TSXV: LTV) announced today that at the
upcoming annual and special shareholder meeting of October 8, 2020,
the shareholders will be asked to consider, and if deemed
appropriate, pass a special resolution approving an amendment to
the Company’s articles to consolidate the issued and outstanding
common shares of the Company on the basis of one (1)
post-consolidation common share for every thirty (30)
pre-consolidation common shares outstanding (the “Consolidation”).
There are currently 288,606,639 common shares
issued and outstanding. Post-Consolidation there will be
approximately 9,620,221 common shares issued and outstanding.
Management believes the Consolidation will improve the
attractiveness of investment in the Company and close a private
placement transaction, previously announced it the Company’s August
31, 2020 news release.
No fractional common shares of the Company will
be issued if, as a result of the Consolidation, a registered
shareholder would otherwise be entitled to a fractional share.
Instead, the Company will round any fractional shares resulting
from the Consolidation in the following manner: a registered
shareholders holding 0.50 or more fractional shares will be rounded
up to the nearest whole share, and a registered shareholder holding
0.49 or less fractional shares will be rounded down to the nearest
The Consolidation will affect all Shareholders
uniformly and will not affect any Shareholders’ percentage interest
in the Company, except to the extent that the Consolidation would
otherwise result in a Shareholder owning a fractional share. In
addition, the Consolidation will not affect any Shareholder’s
proportionate voting rights, subject to the treatment of fractional
shares described above.
The Consolidation is subject to shareholder and
TSXV approval and the effective date of the Consolidation will be
announced once all approvals have been received. No name change
will be made in conjunction with the Consolidation.
To learn more, please visit
This press release may contain forward-looking
statements and information, which may involve risks and
uncertainties. The results or events predicted in these statements
may differ materially from actual results or events. Factors that
might cause a difference include, but are not limited to,
competitive developments, risks associated with Leonovus’ growth,
the state of the financial markets, regulatory risks and other
factors. There can be no assurance or guarantees that any
statements of forward-looking information contained in this release
will prove to be accurate. Actual results and future events could
differ materially from those anticipated in such statements. These
and all subsequent written and oral statements containing
forward-looking information are based on the estimates and opinions
of management on the dates they are made and expressly qualified in
their entirety by this notice. Unless otherwise required by
applicable securities laws, Leonovus disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Readers should not place undue reliance on any statements of
forward-looking information that speak only as of the date of this
release. Further information on Leonovus’ public filings, including
its most recent audited consolidated financial statements, are
available at www.sedar.com.
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.
For More Information, please
George PretliChief Financial
Historical Stock Chart
From Dec 2020 to Jan 2021
Historical Stock Chart
From Jan 2020 to Jan 2021