Tinone Announces Share Consolidation
TINONE ANNOUNCES SHARE
CONSOLIDATION
TSX.V: TORC OTCQB: TORCF
VANCOUVER, BC
,
Feb. 21, 2024
/CNW/ -
TinOne Resources Inc.
(TSXV: TORC) (OTCQB:
TORCF) (
Frankfurt
: 57Z0) ("
TinOne
" or the "
Company
"), announces that the Company's board of
directors has approved the consolidation (the "
Consolidation
") of its common shares (the "
Shares
")
on the basis of one post-consolidation Share for every ten pre-consolidation Shares. The effective
date of the Consolidation (the "
Effective Date
") will be confirmed at a future time, following the
Company's receipt of approval from the TSX Venture Exchange (the "
TSXV
").
The Company believes that the Consolidation will increase its flexibility and competitiveness in the
marketplace and make TinOne's securities more attractive to a wider audience of potential
investors, thereby resulting in a more efficient market for the Shares.
As a result of the Consolidation, the number of issued and outstanding Shares will be reduced from
86,751,806 to approximately 8,675,181, subject to adjustment for rounding. No fractional shares will
be issued in connection with the Consolidation. If a holder of Shares would otherwise be entitled to a
fraction of a share, then the number of post-Consolidation Shares issuable to such shareholder shall
be rounded down to the next lower whole number. No cash consideration will be paid in respect of
fractional shares. The exercise or conversion price and/or the number of Shares issuable under any
of the Company's outstanding convertible securities will be proportionately adjusted in connection
with the Consolidation.
Shareholders of record as of the Effective Date will receive a letter of transmittal from Odyssey
Trust Company, the transfer agent for the Shares, providing instructions for the exchange of their
Shares as soon as practicable following the Effective Date. 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. Beneficial shareholders holding their
Shares In brokerage accounts will have their positions adjusted automatically following the Effective
Date.
About TinOne
TinOne is a TSX Venture Exchange listed Canadian public company with a high-quality portfolio of
tin, tin/tungsten and lithium projects in the Tier 1 mining jurisdictions of
Tasmania
and
New South
Wales, Australia
. The Company controls some of the most important tin districts in
Tasmania
,
including
Aberfoyle
, Rattler Range, Mount Maurice and Great Pyramid. TinOne is supported by
Inventa Capital Corp.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS
This news release includes certain "Forward
Looking Statements" within the meaning of the United
States Private Securities Litigation Reform Act of 1995 and "forward
looking information" under
applicable Canadian securities laws. When used in this news release, the words "anticipate",
"believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and
similar words or expressions, identify forward
looking statements or information. These forward
looking statements or information relate to, among other things: the development of the Company's
projects; future mineral exploration, development and production; and the release of a technical
report detailing the MRE.
Forward
looking statements and forward
looking information relating to any future mineral
production, liquidity, enhanced value and capital markets profile of TinOne, future growth potential
for TinOne and its business, and future exploration plans are based on management's reasonable
assumptions, estimates, expectations, analyses and opinions, which are based on management's
experience and perception of trends, current conditions and expected developments, and other
factors that management believes are relevant and reasonable in the circumstances, but which
may prove to be incorrect. Assumptions have been made regarding, among other things, the price
of gold and other metals; no escalation in the severity of public health crises; costs of exploration
and development; the estimated costs of development of exploration projects; TinOne's ability to
operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect TinOne's respective current views with respect to future events and are
necessarily based upon a number of other assumptions and estimates that, while considered
reasonable by management, are inherently subject to significant business, economic, competitive,
political and social uncertainties and contingencies. Many factors, both known and unknown, could
cause actual results, performance or achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied by such forward
looking
statements or forward-looking information and TinOne has made assumptions and estimates
based on or related to many of these factors. Such factors include, without limitation: the
Company's dependence on early stage mineral projects; metal price volatility; risks associated with
the conduct of the Company's mining activities in
Australia
; regulatory, consent or permitting
delays; risks relating to reliance on the Company's management team and outside contractors;
risks regarding mineral resources and reserves; the Company's inability to obtain insurance to
cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding
the failure to generate sufficient cash flow from operations; risks relating to project financing and
equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of
reserves and resources, metallurgical recoveries and capital and operating costs of such projects;
contests over title to properties, particularly title to undeveloped properties; laws and regulations
governing the environment, health and safety; the ability of the communities in which the Company
operates to manage and cope with the implications of public health crises; the economic and
financial implications of public health crises to the Company; operating or technical difficulties in
connection with mining or development activities; employee relations, labour unrest or
unavailability; the Company's interactions with surrounding communities and artisanal miners; the
Company's ability to successfully integrate acquired assets; the speculative nature of exploration
and development, including the risks of diminishing quantities or grades of reserves; stock market
volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders
of the Company; litigation risk; ongoing military conflicts around the world; and the factors
identified under the caption "Risk Factors" in TinOne's management discussion and analysis.
Readers are cautioned against attributing undue certainty to forward
looking statements or forward-
looking information. Although TinOne has attempted to identify important factors that could cause
actual results to differ materially, there may be other factors that cause results not to be
anticipated, estimated or intended. TinOne does not intend, and does not assume any obligation,
to update these forward
looking statements or forward-looking information to reflect changes in
assumptions or changes in circumstances or any other events affecting such statements or
information, other than as required by applicable law.
SOURCE
TinOne Resources Corp.
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For further information:
And to sign-up to the mailing list, please contact: Chris Donaldson,
Executive Chairman, Tel: (604) 813-3931, Email: [email protected]
CO: TinOne Resources Corp.
CNW 08:00e 21-FEB-24