VANCOUVER, BC, Aug. 9, 2021
/CNW/ - Terrace Energy Corp. (TSXV:
TZR) (the "Company") announces that, further
to the Company's press releases on July
7 and July 12, it is
proceeding with a consolidation of its issued and outstanding share
capital on the basis of one post-consolidated common share for
every ten pre-consolidated common shares (the
"Consolidation"). No fractional shares will be issued as any
fractional share will be rounded to the nearest whole number. The
new CUSIP number will be 88103M201 and the new ISIN number will be
CA88103M2013. The Company's name and stock symbol will remain
unchanged following the Consolidation.
The Consolidation is subject to final confirmation by the TSX
Venture Exchange (the "Exchange"). The Consolidation will be
effective at the opening of markets on August 11, 2021. As a result of the
Consolidation, the 772,844,821 common shares which are currently
issued and outstanding will be reduced to approximately 77,284,482
common shares, subject to rounding.
Shareholders who hold their common shares through a securities
broker or other intermediary and do not have common shares
registered in their name will not be
required to take any measures with respect to
the Consolidation. Letters of transmittal with respect to the
Consolidation will be mailed shortly to all registered shareholders
of the Company. All registered shareholders who submit a duly
completed letter of transmittal along with their respective share
certificate(s) representing the pre-consolidated common shares to
the Company's transfer agent, Computershare Trust Company of
Canada, will receive a certificate
representing the post-consolidated common shares.
"Dave Gibbs"
Dave Gibbs, CEO
Terrace Energy Corp.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE
EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF
THIS RELEASE.
Cautionary Note Regarding Forward-Looking
Statements
This news release contains forward-looking statements
relating to the effective date of the Consolidation, the number of
common shares outstanding following the Consolidation, the
treatment of fractional shares in the Consolidation and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release are forward-looking statements that involve risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include those relating
to the ability to complete the Consolidation on the effective date,
the number of post-Consolidation common shares being different from
the number set out herein and the treatment of fractional
shares in the Consolidation being different from what is set out
herein and other risks detailed from time to time in the filings
made by the Company with securities regulations.
The reader is cautioned that assumptions used in the
preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. The reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release and the Company will update or
revise publicly any of the included forward- looking statements as
expressly required by applicable law.
SOURCE Terrace Energy Corp.
