Margaret Lake Diamonds Inc. Announces Proposed Stock Consolidation
VANCOUVER, BC / November 3, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) announces its intention to consolidate all of its issued and outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares (the "Consolidation").
The Consolidation is expected to result in the number of issued and outstanding Common Shares being reduced from 59,686,587 pre-consolidation Common Shares to approximately 5,968,659 post- Consolidation Common Shares. The exercise or conversion price of warrants, convertible debentures, compensation options and options, and the number of Common Shares issuable thereunder will also be proportionately adjusted upon the completion of the Consolidation.
If, as a result of the Consolidation, a shareholder would otherwise be entitled to a fraction of a Common Share in respect of the total aggregate number of pre-consolidation Common Shares held by such shareholder, no such fractional Common Share will be awarded. The aggregate number of Common Shares that such shareholder is entitled to will, if the fraction is less than one half of one share, be rounded down to the next closest whole number of Common Shares, and if the fraction is at least one half of one share, be rounded up to one whole Common Share.
The Consolidation is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. The effective date for the Consolidation and announcement of the new CUSIP and ISIN numbers is expected to be completed within the next two weeks. The Company anticipates that its current trading symbol will remain unchanged.
Contact Information
Neil Foran Chief Executive Officer (604) 681-7735 [email protected]
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.
Forward-Looking Statements
This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "potentially" and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects, which may be accessed through the Company's profile on SEDAR at www.sedar.com.