Erin Ventures Announces Share Consolidation
Victoria, British Columbia (FSCwire) - Erin Ventures Inc. ("Erin" or the “Corporation”) [TSXV: EV] announces that further to its press release of August 11, 2017, management of the Corporation has decided to implement the consolidation of the fully paid and issued common shares of the Company on the basis of one (1) post-consolidation common share for each seven (7) pre-consolidation common shares (the “Consolidation Ratio”) issued and outstanding (the “Consolidation”) as approved by the shareholders of the Company (the “Shareholders”) at the special meeting of Shareholders held on August 11, 2017 (the “Meeting”).
As at August 25, 2017, there were a total of 316,938,996 common shares issued and outstanding. The exact number of post-Consolidation common shares to be issued will depend on the number of fractional shares that will result from the Consolidation, as no fractional post-Consolidation common shares will be issued. All fractional common shares resulting from the Consolidation will be rounded down to the nearest whole number and no cash will be paid in lieu of fractional post-Consolidation common shares. Accordingly, the total number of common shares issued and outstanding after the Consolidation is expected to be 45,276,943 (subject to fractional rounding).
Additionally, the number of common shares issuable pursuant to the Corporation’s stock option plan, warrants and convertible securities will be adjusted, such that the number of consolidated common shares issuable and the exercise price of the outstanding options, warrants or convertible securities will be adjusted by the Consolidation Ratio.
Subject to the final approval of the TSX Venture Exchange, the Consolidation is scheduled to be effective at opening of the TSXV on Wednesday, August 30, 2017, from which date the existing issued share capital will be cancelled and replaced by the new consolidated common shares.
Letters of transmittal with respect to the Consolidation were mailed to all registered Shareholder in connection with the Meeting. Registered Shareholders will be required to send their respective certificates representing pre-Consolidation common shares along with a properly executed letter of transmittal to the Corporation’s transfer agent, Computer Share Trust Company of Canada (“Computershare”), all in accordance with the instruction provided in the letter of transmittal. All Shareholders who submit a duly completed letter of transmittal, along with their respective pre-Consolidation common share certificate(s) or DRS Advice to the Depositary – Computershare Investor Services Inc., will receive a post-Consolidation DRS Advice representing their new post-Consolidation common shares. Additional copies of the letter of transmittal may be obtained by contacting Computershare at (800) 564-6253 or by email at corporateactions@computershare.com. Non-registered Shareholders should follow the instructions of their broker or other intermediary.
Further details of the Consolidation are contained in the Corporation’s information circular dated as of June 7, 2017, prepared for the Meeting, available under the Corporation’s profile on SEDAR at www.sedar.com and mailed to the Shareholders.
On behalf of the Board of Directors,
Blake Fallis, General Manager
About Erin Ventures
Erin Ventures Inc. is an international mineral exploration and development company with boron assets in Serbia and gold assets in North America. Headquartered in Victoria, B.C., Canada, Erin's shares are traded on the TSX Venture Exchange under the symbol "EV". For detailed information please see Erin's website at www.erinventures.com or the Company's filed documents at www.sedar.com.
Piskanja is Erin’s wholly owned high-grade boron deposit with an indicated mineral resource of 7.8 million tonnes (averaging 31 per cent B2O3), in addition to an inferred resource of 3.4 million tonnes (averaging 28.6 per cent B2O3), calculated in accordance with the Canadian Institute of Mining Definition Standards on Mineral Resources and Reserves (CIM Standards).
| For further information, please contact: | Erin’s Public Quotations: |
| Erin Ventures Inc. | Canada |
| Blake Fallis, General Manager | TSX Venture: EV |
| Phone: 1-250- 384-1999 or 1-888-289-3746 | USA |
| www.erinventures.com | SEC 12G3-2(B) #82-4432 |
| 645 Fort Street, Suite 203 | OTCBB: ERVFF |
| Victoria BC V8W1G2 | Europe |
| Canada | Berlin Stock Exchange: EKV |
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.
Forward Looking Statements:
This release contains forward looking statements. The words "believe," "expect," “feel,” "plan," "anticipate," “project,” “could,” “should” and other similar expressions generally identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties including, without limitation, variations in estimated costs, the failure to discover or recover economic grades of minerals, and the inability to raise the funds necessary, changes in external market factors including commodity prices, and other risks and uncertainties. Actual results could differ materially from the results referred to in the forward-looking statements.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ErinVentures08252017.pdf
Source: Erin Ventures Inc. (TSX Venture:EV)
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