Enforcer Gold Announces Proposed Share Consolidation
TSX VENTURE: VEIN
Toronto, Ontario--(Newsfile Corp. - June 20, 2019) - Enforcer Gold Corp. (TSXV: VEIN) (OTC: EFRGF) ("Enforcer" or the "Company") announces that it is proposing to consolidate (the "Consolidation") its issued and outstanding common shares (the "Common Shares") on the basis of one (1) post-Consolidation Common Share for every three (3) pre-Consolidation Common Shares.
The Company currently has 21,546,238 Common Shares issued and outstanding and after completion of the Consolidation will have approximately 7,182,079 Common Shares issued and outstanding. The Company will not issue any fractional post-Consolidation Common Shares as a result of the Consolidation. Instead, each fractional share remaining after conversion that is less than 1/2 of a share will be cancelled (i.e. rounded down) and each fractional share that is at least 1/2 of a share will be rounded up to one whole share.
Enforcer's management and board of directors believe that a consolidation of its share capital will better position the Company to raise the funds it requires to finance its ongoing business activities including the acquisition of mineral projects and exploration and development of its projects, and as such, is in the best interest of the Company.
The proposed Consolidation has been approved and authorized by Enforcer's board of directors. The Issuer's articles of incorporation authorize the board of directors to approve certain changes to the Issuer's capital structure, including the Consolidation. As such, shareholder approval is not required in connection with the Consolidation. The Consolidation is subject to approval by the TSX Venture Exchange. The Issuer does not intend to change its name or its current trading symbol in connection with the proposed Consolidation.
About Enforcer Gold Corp
Enforcer Gold Corp is a Canadian-based mineral exploration company. For further information, please visit www.enforcergold.com or contact:
Steve Dunn, President & CEO
T: (416) 361-2827
Neither the 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 news release.
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to completion of a share consolidation, the ability to raise the funds to finance its ongoing business activities including the acquisition of mineral projects and the exploration and development of its projects. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Enforcer Gold does not undertake to update any forward-looking information except in accordance with applicable securities laws.