Cruz Capital Corp to Forward Split the Shares 3-1
October 5, 2016 (Source) — Cruz Capital Corp (TSXV: CUZ) (OTC Pink: BKTPF) (FSE: A2AG5M) is pleased to announce that it proposes to split the common shares (each, a “Share”) of the Company on the basis of one (1) pre-split share for three (3) post-split shares (the “Forward Split”). As a result of the Forward Split, the Company’s issued capital will be altered by splitting all of the 14,808,082 issued Shares without par value into 44,424,246 Shares without par value. Outstanding stock options and share purchase warrants will also be adjusted by the Forward Split ratio and the respective exercise prices of outstanding stock options and warrants will be adjusted accordingly. The Company will not be changing its name or trading symbol in connection with the proposed Forward Split. The purpose of the Forward Split is to increase liquidity of the Company’s Shares and, in turn, make financing terms more attractive.
The Forward Split is subject to acceptance by the TSX Venture Exchange. Subject to such approval, the Company has set the close of business on November 7, 2016 as the record date for the Forward Split and November 9, 2016 as the effective date of the Forward Split.
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James Nelson, President of the Company states, “We feel that this split will be a positive event for the company as this will enable greater liquidity for the shareholders, thus enabling a more transparent and consistent market. The ratio being proposed will be 3-1. For example this means that if you are shareholder of record of 10,000 shares you would then hold 30,000 shares upon completion and approval of the split.”
Cruz is actively engaged in acquiring and developing Cobalt assets in North America. Cruz has acquired numerous high grade cobalt assets located in North America. Seven cobalt projects are in Canada and one in Idaho. The goal of the company is to make Cruz the foremost cobalt project generator and developer on the TSX Venture Exchange. Management feels that cobalt is at the early stages of a significant bull market and we are pleased to be positioning Cruz at the forefront of this cycle.
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This press release contains forward-looking information that involves various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Cruz, such as statements that Cruz: (i) intends to undertake a forward split of its common shares; (ii) the record date for such split will be November 7, 2016; and (iii) the effective date of such split will be November 9, 2016. There are numerous risks and uncertainties that could cause actual results and Cruz’s plans and objectives to differ materially from those expressed in the forward-looking information, including the TSXV not approving the forward split or delays caused in obtaining such approval. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Cruz does not intend to update these forward-looking statements.
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
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