Bonterra Resources Inc. (Bonterra) has announced that at market open on Tuesday 6 November 2018, its common shares will begin trading on a 10 old for one new share consolidated basis. The company's trading symbol will not change.
There are currently 397 498 708 common shares issued and outstanding. Upon consolidation, there will be approximately 39 749 870 common shares issued and outstanding. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder's holdings in the company are consolidated. The company will not issue any fractional common shares as a result of the consolidation. Instead, all fractional shares resulting from the consolidation will be rounded down to the nearest whole number. Outstanding stock options and share purchase warrants will also be adjusted by the consolidation ratio and the respective exercise prices adjusted accordingly.
Registered shareholders will receive a letter of transmittal from the company's transfer agent, Computershare Trust Company, with instructions for exchanging their pre-consolidated shares. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name, will not need to complete a letter of transmittal.
The Board of Directors approved the consolidation on 11 October 2018.
Read the article online at: https://www.globalminingreview.com/finance-business/02112018/bonterra-resources-finalises-share-consolidation/