NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
KELOWNA, British Columbia, March 22, 2018 (GLOBE NEWSWIRE) -- Fission 3.0 Corp. (“Fission 3” or the “Company”) announces that its board of directors has approved a consolidation (the “Consolidation”) of the common shares in the capital of the Company (the “Common Shares”) at a ratio of four pre-Consolidation Common Shares (the “Existing Shares”) for one post-Consolidation Common Share (the “Consolidated Shares”). Subject to the approval of the TSX Venture Exchange, the Company anticipates that the Consolidation will take effect on or around April 9, 2018, and the Consolidated Shares will subsequently begin trading on a consolidated basis under the existing trading symbol. The Consolidation was previously approved by the shareholders of the Company at the Annual Meeting of the Shareholders of the Company held on December 14, 2017. The Company is completing the Consolidation in order to facilitate potential future financings.
As a result of the Consolidation, each four Existing Shares outstanding will automatically combine into one Consolidated Share without any action on the part of the holders, and the number of outstanding Common Shares will be reduced from approximately 219,901,987 Common Shares to approximately 54,975,497 Common Shares. The Consolidation will also apply to Common Shares issuable upon the exercise of the Company’s outstanding stock options and warrants. No fractional shares will be issued as a result of the Consolidation. In the event a shareholder would otherwise be entitled to receive a fractional share from the Consolidation, the number of Consolidated Shares to be received by such shareholder shall be rounded down to the next highest whole number of Consolidated Shares.
The Company’s transfer agent, Computershare Investor Services Inc., will act as exchange agent for the Consolidation. Shareholders owning shares via a bank, broker or other nominee will have their positions automatically adjusted to reflect the Consolidation, and will not be required to take further action in connection with the Consolidation, subject to brokers’ particular processes. Letters of transmittal will be mailed to the registered holders of the Company's Common Shares, requesting that they forward their Existing Share certificates to Computershare in exchange for Consolidated Share certificates or shares held in book-entry form.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol "FUU."
ON BEHALF OF THE BOARD
Dev Randhawa, CEO
Fission 3.0 Corp.
Cautionary Statement: Fission 3.0 Corp.
Certain information contained in this press release constitutes "forward-looking information", within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur", "be achieved" or "has the potential to". Forward looking statements contained in this press release may include statements regarding the proposed Consolidation, the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3.0 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.
Source: Fission 3.0 Corp.