Exgen Provides Update on 10 for 1 Consolidation
November 10 2020 - 9:54AM
ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF)
(“
ExGen” or the “
Company”) is
pleased to announce that, further to its October 27, 2020 news
release, effective on or about Friday, November 13, 2020, the
Company will complete the consolidation (the
“
Consolidation”) of its common shares
(“
Common Shares”) on the basis of 10
pre-Consolidation Common Shares for 1 post-Consolidation Common
Share, subject to regulatory approval, including approval of the
TSX Venture Exchange (“
TSX Venture”). Where the
exchange results in a fractional share, the number of Common Shares
will be rounded up to the nearest whole Common Share. A new CUSIP
number of 30204R200 replaces the old CUSIP number of 30204R101,
to distinguish between the pre- and post- consolidated Common
Shares. The Company’s name and trading symbol will remain
unchanged.
The Consolidation is being conducted on a
“push-out” basis. Shareholders of the Company, with or without a
physical share certificate, do not need to take any action with
respect to the Consolidation. Share certificates for the
post-Consolidation Common Shares will be mailed on or about
November 13, 2020. Existing share certificates will be
cancelled.
Commencing at the opening of trading on or about
Friday, November 13, 2020, the Common Shares of the Company will
trade on a post-Consolidation basis on the TSX Venture. Following
the Consolidation, there are expected to be 35,093,008
post-Consolidation Common Shares outstanding.
About ExGen Resources Inc.
ExGen, is a project accelerator that seeks to
fund exploration and development of our projects through joint
ventures and partnership agreements. This approach significantly
reduces the technical and financial risks for ExGen, while
maintaining the upside exposure to new discoveries and potential
cash flow. ExGen intends to build a diverse portfolio of projects
across exploration stages and various commodity groups. ExGen
currently has 6 projects in Canada and the US.
For more information on ExGen please contact
ExGen Resources Inc.
Jason TongChief Financial OfficerEmail: jason@catapultgroup.ca |
|
NOT FOR DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES
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 certain
“forward-looking information” within the meaning of applicable
Canadian securities laws. All statements included herein, other
than statements of historical fact, are forward-looking information
and such information involves various risks and uncertainties. In
particular, this news release contains forward-looking information
in respect of the completion of the Consolidation. There can be no
assurance that such forward-looking information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such forward looking-
information. This forward-looking information reflects ExGen's
current beliefs and is based on information currently available to
ExGen and on assumptions ExGen believes are reasonable. These
assumptions include, but are not limited to: TSX Venture acceptance
of the Consolidation; and the market acceptance of ExGen's business
strategy. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors which may cause the
actual results, level of activity, performance or achievements of
ExGen to be materially different from those expressed or implied
by such forward-looking information. Such risks and other factors
may include, but are not limited to: the early stage development
of ExGen and its projects; general business, economic, competitive,
political and social uncertainties; capital market conditions and
market prices for securities, junior market securities and mining
exploration company securities; commodity prices, and in
particular, copper, gold, silver and zinc prices; the actual
results of current exploration and development or operational
activities; competition; changes in project parameters as plans
continue to be refined; accidents and other risks inherent in the
mining industry; lack of insurance; delay or failure to receive
board or regulatory approvals; changes in legislation, including
environmental legislation or income tax legislation, affecting
ExGen; timing and availability of external financing on acceptable
terms; lack of qualified, skilled labour or loss of key
individuals; and risks related to COVID-19 including various
recommendations, orders and measures of governmental authorities to
try to limit the pandemic, including travel restrictions, border
closures, non-essential business closures, quarantines,
self-isolations, shelters-in-place and social distancing,
disruptions to markets, economic activity, financing, supply
chains and sales channels, and a deterioration of general economic
conditions including a possible national or global recession. A
description of additional risk factors that may cause actual
results to differ materially from forward-looking information can
be found in ExGen’s disclosure documents on the SEDAR website at
www.sedar.com. Although ExGen has attempted to identify important
factors that could cause actual results to differ materially from
those contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. Readers are cautioned that the foregoing list of factors
is not exhaustive. Readers are further cautioned not to place
undue reliance on forward-looking information as there can be no
assurance that the plans, intentions or expectations upon which
they are placed will occur. Forward-looking information contained
in this news release is expressly qualified by this cautionary
statement. The forward-looking information contained in this news
release represents the expectations of ExGen as of the date of this
news release and, accordingly, is subject to change after such
date. However, ExGen expressly 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 expressly required by applicable securities law.
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