Prospect Park Capital Calls AGM and Proposes Share Consolidation
February 13 2020 - 5:00PM
Prospect Park Capital Corp. (the “
Company”)
(TSXV:PPK), announces today that it has called an annual general
and special shareholders’ meeting (the “
Meeting”)
for March 11, 2020. At the Meeting, amongst other things,
management of the Company will be seeking shareholder approval to
consolidate the issued and outstanding common shares (the
“
Common Shares”) of the Company on the basis of
one (1) post-consolidation Common Share for five (5)
pre-consolidation Common Shares (the
“
Consolidation”), or such 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
(the “
Exchange”). Additional information relating
to the proposed Consolidation is included in the management
information circular of the Company dated February 10, 2020 (the
“
Circular”), which is available on SEDAR at
www.sedar.com.
The Company has posted the Circular with respect
to the Meeting. As part of the Meeting, shareholders of the Company
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 9,819,117 Common Shares
issued and outstanding. If and upon the Consolidation becoming
effective, on a maximum of one (1) to five (5) basis, it is
expected there will be approximately 1,963,823 post-Consolidation
Common Shares issued and outstanding on a non-diluted basis
(assuming no additional Common Shares are issued after the date
hereof). The Board believes the Consolidation is necessary in order
for the Company to more easily raise capital and attract business
opportunities. The Board believes that at present, with the current
corporate structure, it is extremely difficult, for the Company to
raise capital and to proceed with the seeking of business
opportunities. 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 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 has decided to implement the
Consolidation.
For more information please contact: |
James Greig |
|
Chief Executive Officer |
|
Prospect Park Capital Corp. |
|
Tel: (778) 788-2745 |
The information in this news release includes
certain information and statements about management's view of
future events, expectations, plans and prospects that constitute
forward looking statements. These statements are based upon
assumptions that are subject to significant risks and
uncertainties. Because of these risks and uncertainties and as a
result of a variety of factors, the actual results, expectations,
achievements or performance may differ materially from those
anticipated and indicated by these forward looking statements.
Forward-looking statements in this news release, include completion
of the Consolidation, raising additional capital, and attracting
business opportunities. Any number of important factors could cause
actual results to differ materially from these forward-looking
statements as well as future results, including without limitation
approval of the Consolidation by the shareholders and the Exchange.
Although the Company believes that the expectations reflected in
forward looking statements are reasonable, they can give no
assurances that the expectations of any forward looking statements
will prove to be correct. Except as required by law, the Company
disclaims any intention and assumes no obligation to update or
revise any forward looking statements to reflect actual results,
whether as a result of new information, future events, changes in
assumptions, changes in factors affecting such forward looking
statements or otherwise.
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.
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