FinCanna Capital Corp. Announces Share Consolidation
FinCanna Capital Corp has announced a share consolidation of its common shares at a ratio of ten to one, reducing the number of outstanding shares from approximately 121 million to 12.1 million post-consolidation. The adjustment will also apply to stock options, warrants, and convertible debentures. This move is pending acceptance from the Canadian Securities Exchange, with further details to be shared upon approval. The consolidation aims to improve the company's capital structure and support its investment strategy in the U.S. licensed cannabis sector.
- Share consolidation may enhance the company's capital structure.
- Reduced number of outstanding shares can potentially improve share value.
- Consolidation could signal underlying issues with share price performance.
- Risk of not completing the consolidation due to regulatory acceptance.
VANCOUVER, BC / ACCESSWIRE / November 19, 2021 / FinCanna Capital Corp. ("FinCanna") ("the Company") (CSE:CALI)(OTCQB:FNNZF) an investment company focused on the U.S. licensed cannabis industry, announces that further to its news release of Nov. 17, 2021, its Board of Directors has approved a consolidation of the Company's issued share capital on the basis of ten (10) common shares for one (1) new share of the Company (the "Consolidation"). The Company currently has 121,146,013 common shares outstanding and will have approximately 12,114,601 common shares outstanding after completion of the Consolidation. The number of outstanding stock options and warrants of the Company will similarly be adjusted by the Consolidation ratio, and the exercise prices of the stock options, warrants and convertible debentures will be adjusted accordingly.
No fractional shares will be issued. Any fractional interest in common shares that is less than 0.5 of a common shares resulting from the Consolidation will be rounded down to the nearest whole common shares and any fractional interest in common shares that is 0.5 or greater of a common shares will be rounded up to the nearest whole common shares.
The Consolidation is subject to receipt of acceptance from the Canadian Securities Exchange. If the Consolidation is approved by the Canadian Securities Exchange, the Company will disseminate a further news release which will set out the effective date for the Consolidation and the resumption of trading of the Company's common shares on a post-consolidated basis.
Upon completion of the Consolidation, Registered shareholders holding share certificates will be mailed a letter of transmittal advising of the Consolidation and instructing them to surrender their share certificates representing pre-consolidation common shares for replacement certificates or a direct registration advice representing their post-consolidation common shares. Until surrendered for exchange, following the effective date of the Consolidation, each share certificate formerly representing pre-consolidation common shares will be deemed to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the Consolidation.
Holders of common shares who hold uncertificated shares (that is common shares held in book-entry form and not represented by a physical share certificate), either as registered holders or beneficial owners, will have their existing book-entry account(s) electronically adjusted by FinCanna's transfer agent or, for beneficial shareholders, by their brokerage firms, banks, trusts or other nominees that hold in street name for their benefit. Such holders do not need to take any additional actions to exchange their pre-consolidation common shares for post consolidation common shares. If you hold your common shares with such a bank, broker or other nominee, and if you have questions in this regard, you are encouraged to contact your nominee.
About FinCanna Capital Corp.
FinCanna is an investment company that provides growth capital to rapidly emerging private companies operating in the licensed U.S cannabis industry. FinCanna is focused on delivering high impact returns to its shareholders by way of a strategically diversified investment portfolio.
For additional information visit www.fincannacapital.com and FinCanna's profile at www.sedar.com
FinCanna Capital Corp.
Andriyko Herchak, CEO & Director
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
CALI@kincommunications.com
Forward-Looking Information
Information set forth in this news release contains forward-looking statements or forward-looking information (collectively, "forward-looking statements") under applicable securities laws. Forward-looking statements herein include, without limitation, statements about anticipated the planned Consolidation; and future plans and strategies of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks that the Company may not be able to complete the Consolidation; and the risks identified in the CSE listing statement available at www.SEDAR.com and other reports and filings with the applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made, and the respective companies undertake no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.
SOURCE: FinCanna Capital Corp.
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https://www.accesswire.com/673892/FinCanna-Capital-Corp-Announces-Share-Consolidation
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