VANCOUVER, B.C., January 16, 2023 – Storm Exploration Inc. (TSX-V: STRM) (“StormEx”, or the “Company”) advises, further to its news release of January 10, 2023, that effective at the opening of trading on January 19, 2023 (the “Effective Date”) the common shares of the Company (the “Common Shares”) will commence trading on the TSX Venture Exchange on a consolidated basis, with one (1) post-consolidated Common Share outstanding for every four (4) pre-consolidated Common Shares (the “Consolidation”).
As a result of the Consolidation, on the Effective Date, a total of approximately 31,065,373 Common Shares will be issued and outstanding, subject to adjustments for rounding, with approximately 8,782,900 Common Shares reserved for issuance. No fractional Common Shares will be issued, and any post-Consolidation fraction of a Common Share will be rounded to the nearest whole number of Common Shares. The name of the Company has not been changed, and the trading symbol remains as “STRM”. A new CUSIP number has been issued for the post-Consolidation Common Shares, being 86218J204.
The exercise or conversion price and the number of Common Shares issuable under any of the Company’s outstanding options and warrants will be proportionately adjusted upon the effectiveness of the Consolidation.
Shareholders of record as of the Effective Date who hold Common Shares represented by a physical certificate will receive a letter of transmittal from the transfer agent for the Company, Computershare Investor Services Inc., with instructions on how to exchange their existing certificates for certificates or DRS statements representing Common Shares on a post-Consolidation basis. Shareholders of record as of the Effective Date who hold Common Shares in the form of DRS certificates will automatically receive an updated DRS statement reflecting their holdings on a post-Consolidation basis.
FORWARD LOOKING INFORMATION
This news release includes certain information that may constitute “forward-looking information” under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, the anticipated effective date of the Consolidation. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the acceptance of the TSX Venture Exchange of the Consolidation. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Storm Exploration Inc.
+1 (604) 506-2804