Kolibri Global Energy Inc. to Consolidate Its Common Shares
29 April 2022 - 8:11PM
Business Wire
Kolibri Global Energy Inc. (the "Company") (TSX:KEI,
OTCQB: KGEIF) announces that it will be consolidating all of the
issued and outstanding common shares (the “Shares”) on the
basis of one (1) post-consolidation Share for every ten (10)
pre-consolidation Shares held (the “Consolidation”).
The Company’s Board of Directors has set May 16, 2022 as the
effective date of the Consolidation. Trading of the Shares on a
post-Consolidation basis on the Toronto Stock Exchange (the
“TSX”) is expected to commence on or about May 19, 2022,
subject to the final approval by the TSX. The Company's name and
trading symbol will remain unchanged.
No fractional Shares will be issued under the Consolidation. The
number of Shares issuable on the Consolidation shall be rounded
either up or down to the nearest whole number of Shares. Each
fractional Share remaining after conversion that is less than ½ of
a Share will be cancelled and each fractional Share that is at
least ½ of a Share will be changed to one whole Share. Shareholders
should not destroy any share certificate and should not submit any
share certificate for a new share certificate until requested to do
so. The exercise price and number of Shares issuable pursuant to
all outstanding stock options and warrants will also be adjusted in
accordance with the Consolidation ratio.
As of the date hereof, the Company currently has 356,159,098
Shares issued and outstanding. The Consolidation will reduce the
number of outstanding Shares to approximately 35,615,909 Shares
issued and outstanding.
The Company’s registered Shareholders who hold their Shares in
certificated form will receive a letter of transmittal from
Computershare Investor Services Inc., the Company’s transfer agent,
with information on how to surrender Share certificates
representing pre-Consolidation Shares to the transfer agent. The
transfer agent will forward to each registered Shareholder who has
sent the required documents a new Share certificate representing
the number of post-Consolidation Shares to which the registered
Shareholder is entitled. If Shareholders hold their Shares in book
entry form, they will automatically receive their
post-Consolidation Shares and they will not receive, or be required
to submit, a letter of transmittal. Shareholders who hold their
shares through an intermediary are encouraged to contact their
intermediaries if they have any questions.
The Consolidation is intended to make the Company more
attractive to potential new investors searching for growing
shareholder value. This is another step in the Company’s mission to
reach more investors, improve communication and transparency to the
Company’s investor community.
About Kolibri Global Energy Inc.
Kolibri Global Energy Inc. is an international energy company
focused on finding and exploiting energy projects in oil, gas and
clean and sustainable energy. Through various subsidiaries, the
Company owns and operates energy properties in the United States.
The Company's shares are traded on the Toronto Stock Exchange under
the stock symbol KEI and on the OTCQB under the stock symbol
KGEIF.
Caution Regarding Forward-Looking Information
Certain statements contained in this news release constitute
"forward-looking information" as such term is used in applicable
Canadian securities laws and “forward-looking statements” as such
term is used in the United States, including statements regarding
the approval of the Consolidation by the TSX, the effective date of
the Consolidation, the date the Shares will commence trading on a
post-Consolidation basis, and the effect of the Consolidation on
the position of the Company. Forward-looking information and
statements are based on plans and estimates of management and
interpretations of data by the Company's technical team at the date
the data is provided and is subject to several factors and
assumptions of management, including that the Company will be
successful in obtaining approval for the Consolidation from the
TSX, and that the Consolidation will improve the prospects of the
Company with regard to raising capital. Forward-looking information
and statements are subject to a variety of risks and uncertainties
and other factors that could cause plans, estimates and actual
results to vary materially from those projected in such
forward-looking information. Factors that could cause the
forward-looking information or statements in this news release to
change or to be inaccurate include, but are not limited to, the
risk that any of the assumptions on which such forward looking
information is based vary or prove to be invalid, the risk that the
Consolidation will not be approved by the TSX, and that the
Consolidation will not improve the Company’s ability to raise
funds, and including all of the risks related to the Company's
business, financial condition, result of operations and cash flows
and those factors detailed from time to time in the Company's
interim and annual financial statements and management's discussion
and analysis of those statements, all of which are filed and
available for review on sedar.com. The Company undertakes no
obligation to update these forward-looking statements, other than
as required by applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220429005624/en/
Wolf E. Regener +1 (805) 484-3613 Email:
wregener@kolibrienergy.com Website: www.kolibrienergy.com
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