Ripper Oil and Gas Announces Share Consolidation
RIPPER OIL AND GAS INC.
Suite 1600, 609 Granville Street Vancouver, BC V7Y 1C3
NEWS RELEASE
RIPPER OIL AND GAS ANNOUNCES SHARE CONSOLIDATION
Vancouver, BC, Canada – September 09, 2016 – Ripper Oil and Gas Inc. (the "Company") (TSX-V: RYP.H) announces that it intends to amend its share structure by consolidating its issued and outstanding common shares.
Under the proposed consolidation, two (2) existing common shares will be consolidated into one (1) new common share (the "Consolidation"). The Company currently has 13,791,303 common shares issued and outstanding which will be reduced to approximately 6,895,651 common shares. Fractional shares remaining after giving effect to the Consolidation will be cancelled without compensation, such that the holdings of each shareholder will be rounded down to the nearest whole number of post-Consolidation common shares.
In accordance with the Articles of the Company, the Board of Directors of the Company (the "Board") has the authority to affect the Consolidation by directors' resolution, which means that shareholder approval of the Consolidation is not necessary. The Consolidation is subject to the acceptance of the TSX Venture Exchange (the “Exchange”). The Company will issue a further news release indicating the record date of the Consolidation and the date on which the Company's shares will commence trading on a post-Consolidation basis. The name of the Company will not be changed as a result of the Consolidation.
Due to a lack of working capital, the Company has arranged a Credit facility with Emprise Capital Corp. The secured credit facility, which will provide for a total of $50,000, will bear interest at 12%, and will be due on demand. Bonus shares to the maximum allowable by the TSX will be issued in consideration of the Credit Facility. The granting of the credit facility bonus shares is subject to Exchange acceptance.
The Company’s CEO, Scott Ackerman stated, “The Board has concluded a share consolidation is necessary as the Company’s current capital structure has become an impediment to moving forward with a new business venture.”
For more information, contact Scott Ackerman at (778) 331-8505
On Behalf of the Board of Directors of
RIPPER OIL AND GAS INC.
Scott Ackerman President and CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward‐looking statements". Forward‐looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward‐looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward‐looking statements.