VANCOUVER, BC, Aug. 27, 2020 /CNW/ - Heatherdale Resources
Ltd. ("Heatherdale" or the
"Company") (TSXV: HTR) announces that, subject to TSX
Venture Exchange (the "TSXV") approval, effective at the
opening of markets on August 31, 2020 the Company will
consolidate its common shares ("Common Shares") as
previously announced on the basis of 1 post-consolidation Common
Share for every 5 pre-consolidation Common Shares (the
"Consolidation").
As part of the Consolidation, the 74,699,254 Common Shares
currently issued and outstanding will be reduced to 14,939,851
post-consolidation Common Shares. No fractional shares will be
issued under the
Consolidation. Following the Consolidation each fractional share that is less than one-half of one share will
be cancelled and each fractional share that is at least one-half of
one share will be rounded up to the nearest whole share. The
exercise price and the number of Common Shares issuable under the
Company's stock option
plan will be proportionately adjusted upon
completion of the Consolidation. The CUSIP number
of the post-Consolidation Common Shares will be 42245Q307 and the
new ISIN number will be CA42245Q3070.
On the effective date of Consolidation, the Company's transfer
agent, Computershare Investor Services Inc., will send a letter of
transmittal to registered shareholders providing instructions to
surrender the certificates evidencing their Common Shares for
replacement certificates representing the number of
post-Consolidation Common Shares to which they are entitled. Until
surrendered, each certificate representing pre-Consolidation
Common Shares will be deemed for
all purposes to represent the number of Common
Shares to which the holder thereof is entitled as a result of the
Consolidation. Shareholders who hold their shares in brokerage
accounts or "street name" are not required to take any action to
effect the exchange of their shares.
Update on Private Placement
The Company is pleased to announce that it has received
conditional approval from the TSXV for the non–brokered private
placement previously announced by the Company on August 6, 11, and 20, 2020 (the "Private
Placement"). The Company expects to close the Private
Placement on August 31, 2020
following completion of the Consolidation.
About Heatherdale
Heatherdale Resources Ltd. owns 100% of the high-grade Niblack
copper-gold-zinc-silver VMS project, located adjacent to tidewater
in southeast Alaska. For more information on Heatherdale, visit the Company's website at
www.heatherdaleresources.com.
On behalf of the Board of Directors
"Robert McLeod"
Robert McLeod, P.Geo
President, CEO and Director
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 release.
Cautionary Note Regarding Forward-Looking Statements:
This release includes certain statements and information
that may constitute forward-looking information within the meaning
of applicable Canadian securities laws. Forward-looking
statements relate to future events or future performance and
reflect the expectations or beliefs of management of the Company
regarding future events. Generally, forward-looking statements and
information can be identified by the use of forward-looking
terminology such as "intends" or "anticipates", or variations of
such words and phrases or statements that certain actions, events
or results "may", "could", "should", "would" or "occur". This
information and these statements, referred to herein as
"forward–looking statements", are not historical facts, are
made as of the date of this news release and include without
limitation, statements regarding the anticipated closing date of
the Private Placement and the effective date of the Consolidation.
These forward–looking statements involve numerous risks and
uncertainties and actual results might differ materially from
results suggested in any forward-looking statements. These risks
and uncertainties include, among other things, receipt of
regulatory approvals of the Private Placement and Consolidation,
market volatility; the state of the financial markets for the
Company's securities; and changes in the Company's business plans.
In making the forward looking statements in this news release, the
Company has applied several material assumptions that the Company
believes are reasonable, including without limitation, that the
Private Placement and Consolidation will proceed and be completed
as planned, required regulatory approvals will be obtained and the
Company will continue with its stated business objectives. Although
management of the Company has 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. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. The Company
does not undertake to update any forward-looking statement,
forward-looking information or financial out-look that are
incorporated by reference herein, except in accordance with
applicable securities laws. The Company seeks safe
harbor.
For more information on the Company, investors should review
the Company's continuous disclosure filings that are available
at www.sedar.com.
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SOURCE Heatherdale Resources Limited