Margaret Lake Diamonds Inc. Announces Effective date of Shares Consolidation
VANCOUVER, BC / November 12, 2021 / Margaret Lake Diamonds Inc. ("MLD" or the "Company") (TSXV:DIA) (FKT:M85) (OTC PINK:DDIAF) announces that, further to the Company's press releases on November 3, 2021, it is proceeding with a consolidation of its issued and outstanding share capital on the basis of one post-consolidated common share for every ten pre-consolidated common shares (the "Consolidation"). No fractional shares will be issued as any fractional share will be rounded to the nearest whole number.
The new CUSIP number will be 56658A302 and the new ISIN number will be CA56658A3029. The Company's name and stock symbol will remain unchanged following the Consolidation.
The Consolidation is subject to final confirmation by the TSX Venture Exchange (the "Exchange"). The Consolidation will be effective at the opening of markets on November 17, 2021. As a result of the Consolidation, the 59,686,587 common shares which are currently issued and outstanding will be reduced to approximately 5,968,659 `common shares, subject to rounding.
Shareholders who hold their common shares through a securities broker or other intermediary and do not have common shares registered in their name will not be required to take any measures with respect to the Consolidation. Letters of transmittal with respect to the Consolidation will be mailed shortly to all registered shareholders of the Company. All registered shareholders who submit a duly completed letter of transmittal along with their respective share certificate(s) representing the pre-consolidated common shares to the Company's transfer agent, Computershare Trust Company of Canada, will receive a certificate representing the postconsolidated common shares.
Neil Foran, CEO, stated “To be competitive, a company requires a culture that both attracts and retains investors. If this means disrupting the status quo to make way for change and innovation, then a company should welcome those disruptions.”
Contact Information
Neil Foran Chief Executive Officer (604) 681-7735 [email protected]
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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.