Cache Exploration Inc. Announces Share Consolidation
Vancouver, B.C. - TheNewswire - July 2, 2020, - Cache Exploration Inc. (the "Company" or "Cache") (TSXV:CAY), (OTC:CEXPF) announces that, effective July 6, 2020 (the "Effective Date"), the Company will effect a consolidation of the Company's issued and outstanding common shares ("Common Shares") on the basis of seven (7) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Consolidation"). The Consolidation was approved at the annual and special meeting of shareholders of the Company held on March 27, 2020 and was subsequently approved by the board of directors of the Company. The board of directors of the Company is proceeding with the Consolidation on the basis that it will provide the Company with increased flexibility to seek additional financing opportunities. The Company has received TSX Venture Exchange ("TSXV") approval for the Consolidation.
The name of the Company and trading symbol will remain the same after the Consolidation. The Company currently has 67,099,236 Common Shares issued and outstanding. Following the Consolidation, the Company will have approximately 9,858,605 Common Shares issued and outstanding.
Upon completion of the Consolidation, the Company's transfer agent, Computershare Trust Company of Canada, will send a letter of transmittal by mail to registered shareholders advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-Consolidation Common Shares for new share certificates or new DRS statements representing the number of post-Consolidation Common Shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Consolidation.
No fractional Common Shares will be issued upon the Consolidation. In the event a holder of Common Shares would otherwise be entitled to receive a fractional Common Share in connection with the Consolidation, the number of post-Consolidation Common Shares to be received by such shareholder will be rounded down to the next whole number if that fractional Common Share is less than one half (1/2) of a Common Share, and will be rounded up to the next whole number of Common Shares if that fractional Common Share is equal to or greater than one half (1/2) of a Common Share.
The post-Consolidation Common Shares are expected to begin trading on the Effective Date.
On behalf of the Board of Directors
Cache Exploration Inc.
Chief Executive Officer
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Neither 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.
This news release contains certain forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Consolidation; the Company's review of additional financing opportunities and the timeline for resumption of trading of the Company's post-Consolidation Common Shares. Forward-looking statements are based on estimates and assumptions made by Cache in light of its experience and perception of current and expected future developments, as well as other factors that Cache believes are appropriate in the circumstances. Many factors could cause Cache's results, performance or achievements to differ materially from those expressed or implied by the forward looking statements, including: the issuance by the TSXV of its final bulletin advising of the effective date of the Consolidation, discrepancies between actual and estimated results from exploration and development and operating risks, dependence on early exploration stage concessions; uninsurable risks; competition; regulatory restrictions, including environmental regulatory restrictions and liability; currency fluctuations; defective title to mineral claims or property and dependence on key employees. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME EXCEPT AS REQUIRED IN ACCORDANCE WITH APPLICABLE SECURITIES LEGISLATION.
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