Vancouver, British Columbia--(Newsfile Corp. - September 22, 2017) - Power Americas Minerals Corp. (TSXV: PAM) (OTC Pink: PWMRF) (FSE: VV0) ("Power Americas" or the "Company") announces that the TSX Venture Exchange ("TSXVE") has approved a share consolidation of the Company's issued and outstanding common shares (the "Consolidation") at a ratio of four (4) pre-consolidation shares to one (1) post-consolidation share (the "Conversion Ratio").
The Consolidation is expected to be effective at the open of market on Wednesday, September 27, 2017 (the "Effective Date"). The Company will not change its name as part of the Consolidation, but will issue new share certificates under the new CUSIP number 739193209 (ISIN: CA7391932091). No fractional shares will be issued in connection with the Consolidation. The Company's common shares will continue to trade on the TSXV on a consolidated basis under its current symbol "PAM".
Power Americas currently has 95,216,000 common shares issued and outstanding. As of the Effective Date and after giving effect to the Consolidation, the Company will have approximately 23,804,000 common shares issued and outstanding. Registered shareholders will receive a letter of transmittal from Computershare, the Company's transfer agent, with information on how to exchange their pre-Consolidation share certificates for post-Consolidation share certificates. Shares held in uncertificated form by non-registered shareholders through brokerage accounts will be converted at the Conversion Ratio through each shareholder's brokerage accounts. Non-registered shareholders should consult their broker for further information.
The proposed share consolidation is intended to better position the Company to raise the funds it requires to finance continuing business activities and advance its mineral projects.
