Akwaaba Mining Ltd. Announces Share Consolidation
Akwaaba Mining Ltd. Announces Share
Consolidation
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2023) -
Akwaaba Mining Ltd.
(TSXV:
AML) ("
Akwaaba
" or the "
Company
") announces the consolidation of its common shares on the basis
of 1 post-consolidation shares for every 20 pre-consolidation shares issued and outstanding as of the
close of business on October 12, 2023. The shares are expected to begin trading on a consolidated
basis on the TSX Venture Exchange on Wednesday, October 18, 2023. The share consolidation was
approved by the Company's shareholders at the annual and special meeting held on March 31, 2023.
The Company's shareholders will receive 1 post-consolidation common share for every 20 pre-
consolidation shares held by them. No fractional shares will be issued as a result of the consolidation.
Fractional interests will be rounded to the nearest whole number of shares without any consideration
payable therefor.
The consolidation affects all the Company's common shares outstanding on October 12, 2023. As a
result, the number of issued and outstanding shares will be reduced to 10,259,374 from 205,187,470,
subject to treatment of fractional shares. Each shareholder's percentage ownership in the Company and
proportional voting power will remain unchanged, except for minor adjustments resulting from the
treatment of fractional shares.
The new CUSIP number for the post-consolidation shares is 01021L205 and the new ISIN number is
CA01021L2057. The Company's common shares will continue to trade under the symbol "AML" and the
Company's name will not change.
Shareholders who hold their shares in brokerage accounts or in "street name" are not required to take
any action to effect an exchange of their shares.
Registered shareholders will receive a letter of transmittal from Computershare Investor Services Inc.,
the Company's transfer agent. The letter of transmittal will contain instructions on how registered
shareholders can exchange their share certificates representing pre-consolidation shares for new
certificates representing post-consolidation shares. Until surrendered, each share certificate
representing pre-consolidation shares will represent the number of whole post-consolidation shares to
which the holder is entitled as a result of the consolidation.
The consolidation will not have any effect on the number of issued and outstanding common share
purchase warrants of the Company. However, as a result of the consolidation, the number of shares
issuable upon the exercise of each warrant will be reduced and the exercise price increased, the whole
in accordance with the terms of the instruments governing the warrants.
Management believes that the share consolidation is necessary to provide the Company with a share
structure that will better attract capital financing and that will provide for future growth opportunities.
The share consolidation is subject to final approval from the TSX Venture Exchange.
On behalf of the Board of Akwaaba Mining Ltd.:
"Iyad Jarbou"
Chief Financial Officer
Tel: 604.362.7685
Email:
FORWARD-LOOKING AND OTHER CAUTIONARY INFORMATION
Except for statements of historical fact, this news release contains certain 'forward-looking information'
and 'forward-looking statements' within the meaning of applicable securities laws. This release may
contain statements that are forward looking statements and are subject to various risks and
uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the Company's periodic filings with Canadian securities regulators. Such information
contained herein represents management's best judgment as of the date hereof based on information
currently available. As a result, readers are cautioned not to place undue reliance on these forward-
looking statements. The forward-looking statements contained in this news release are made as of the
date of this release. The Company does not assume the obligation to update any forward-looking
statement, except as required by law. For more information on the Company, investors should review
the Company's filings that are available at
www.sedar.com
.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) nor the Investment Industry Regulatory Organization of
Canada accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/183905