Vancouver, B.C., Nov. 27, 2023 (GLOBE NEWSWIRE) -- Forty Pillars Mining Corp. (CSE: PLLR) (the "Company" or "Forty Pillars") announces that, further to its news release dated November 17, 2023, effective at the opening of trading on November 30, 2023 (the "Effective Date") the common shares of the Company (the "Shares") will commence trading on the Canadian Securities Exchange on a consolidated basis, with one post-consolidated Share outstanding for every three pre-consolidation Shares (the "Consolidation").
As a result of the Consolidation, on the Effective Date, a total of approximately 4,897,529 Shares will be issued and outstanding, subject to adjustments for rounding, with approximately 2,691,666 Shares reserved for issuance. No fractional shares will be issued. The number of post-consolidated Shares to be received will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5. The record date for the Consolidation will be one trading day later on December 1, 2023.
The exercise or conversion price and the number of Shares issuable under any of the Company's outstanding convertible instruments will be proportionately adjusted upon the effectiveness of the Consolidation.
Registered shareholders who hold Shares represented by a physical certificate will receive a letter of transmittal from the transfer agent for the Company, Endeavor Trust Corporation, with instructions on how to exchange their existing certificates for certificates representing Shares on a post-Consolidation basis. No action is required by non-registered shareholders (shareholders who hold their common shares through an intermediary) to effect the Consolidation.
The Company name and trading symbol will remain unchanged after the Consolidation. The new CUSIP number will be 349801308 and the new ISIN number will be CA3498013083 for the post-Consolidation Shares.
About Forty Pillars
Forty Pillars Mining Corp. is a Vancouver, B.C. based mineral exploration company focused on exploring the Silver Dollar Project located in the Greenwood Mining Division, B.C.
FOR FURTHER INFORMATION CONTACT:
Nader Vatanchi
Chief Executive Officer
e:nadervatanchi@hotmail.com
p: 778-881-4631
Neither the Canadian Securities Exchange nor its Market Regulator (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Forward-looking information includes, but is not limited to: the number of post-Consolidated Shares, and the number post-Consolidated Shares reserved for issuance. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipates", "anticipated" "expects" "intends" "will" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are from those expressed or implied by such forward-looking statements or forward-looking information subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different, including receipt of all necessary regulatory approvals. Although management of the Company have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
