Nexco Announces Share Consolidation
NEXCO RESOURCES INC.
#750 – 1095 West Pender Street Vancouver, British Columbia V6E 2M6 Telephone: 778-938-3367
Trading Symbol: NXU:CNX
NEXCO ANNOUNCES SHARE CONSOLIDATION
Vancouver, British Columbia, August 19, 2020. Nexco Resources Inc. (the “Company” or “Nexco”) announces that it will be consolidating all of the issued and outstanding common shares of the Company ("Common Shares") on the basis of one (1) post-consolidation Common Share for each two (2) preconsolidation Common Shares (the "Consolidation").
The Corporation's board of directors has set August 21, 2020 as the eligibility date for the Consolidation, when the Company will begin trading on a post-consolidated basis under its new CUSIP and ISIN. The Company's name and trading symbol will remain unchanged.
The 18,428,000 Common Shares currently issued and outstanding will be reduced to approximately 9,214,000 Common Shares on a post-Consolidation basis. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.
Letters of transmittal will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate(s), together with the duly completed letter of transmittal, with TSX Trust Company, the Company's registrar and transfer agent. Non-registered Shareholders holding Common Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Common Shares through intermediaries and have questions in this regard, they are encouraged to contact their intermediaries.
Outstanding stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
ON BEHALF OF THE BOARD
Zayn Kalyan, Interim Chief Executive Officer Telephone: 778-938-3367 Email: [email protected]
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the intended use of the proceeds of the Private Placement. Nexco does not intend to, and does not assume any obligation to, update such forward- looking statements or information, other than as required by applicable securities laws.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to: the continued operation of Nexco’s exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although Nexco has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.