Vogogo Inc. Announces Thirty for One Share Consolidation
TORONTO, Feb. 05, 2019 (GLOBE NEWSWIRE) — Vogogo Inc. (“Vogogo” or the “Company”) (CSE:VGO) announced today that its Board of Directors has authorized the implementation of a share consolidation of the Company’s common shares (“Common Shares”) on the basis of one post-consolidation Common Share for every 30 pre-consolidation Common Shares, effective February 14, 2019 (the “Effective Date”).
The approximately 381.6 million Common Shares of the Company currently outstanding will be reduced to approximately 12.7 million Common Shares, as approved by shareholders at the Company’s annual and special meeting held on December 14, 2018. No fractional shares will be issued and any fractions of a share will be rounded down to the nearest whole number of Common Shares. The exercise or conversion price and the number of common shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted upon consolidation.
The Common Shares will continue to be traded on the CSE under the symbol “VGO” on a post-consolidation basis, under a new CUSIP number – 928583400. The Company’s Common Shares are expected to begin trading on a post-consolidation basis on the CSE when markets open on February 14, 2019.
Shareholders of record as at the Effective Date will receive a letter of transmittal providing instructions for the exchange of their Common Shares as soon as practicable following the Effective Date.
About Vogogo Inc.
Vogogo currently operates its cryptocurrency mining activities in Québec. This includes mining for cryptocurrencies for its own account and within mining pools. As it continues to embrace blockchain technology, Vogogo is exploring opportunities in all aspects of the cryptocurrency segment.
For further information please contact:
Chief Financial Officer
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Certain statements in this press release, including statements with respect to: the Effective Date, the number of Common Shares outstanding following the Consolidation, the treatment of fractional shares in the Consolidation, the expected trading date of the post-Consolidation Common Shares and the Company exploring opportunities to enter other aspects of the cryptocurrency segment, contain forward-looking statements, which can generally be identified by the use of forward looking terminology such as “believes”, “expects”, “may”, “desires”, “will”, “should”, “projects”, “estimates”, “contemplates”, “anticipates”, “intends”, or any negative such as “does not believe” or other variations thereof or comparable terminology. No assurance can be given that potential future results or circumstances described in the forward-looking statements will be achieved or will occur. By their nature, these forward-looking statements necessarily involve risks and uncertainties, including the risk that the Consolidation cannot be completed on the Effective Date, the number of post-Consolidation Common Shares is different from the number set out herein, the treatment of fractional shares in the Consolidation is different from what is set out herein, the expected trading date of the post-Consolidation is Common Shares is delayed, which could cause actual results to significantly differ from those contemplated by these forward-looking statements. Such statements reflect the view of the Company with respect to future events and are based on information currently available to the Company and on assumptions, which it considers reasonable. Management cautions readers that the assumptions relative to the future events, several of which are beyond Management’s control, could prove to be incorrect, given that they are subject to certain risk and uncertainties, and that actual results may differ materially from those projected. Other factors which could cause results or events to differ from current expectations include, among other things, the timing of receipt of regulatory approvals, the impact of general economic, industry and market conditions. Management disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking information.