VANCOUVER, Dec. 17, 2019 /CNW/ - Dixie Gold Inc.
(TSX VENTURE: DG) ("Dixie
Gold" or the "Corporation" or the
"Issuer") announces its intention to consolidate its common
shares ("Shares") on a 4-old-for-1-new share basis (the
"Consolidation").
The 102,648,746 Shares currently issued and outstanding will be
reduced to approximately 25,662,187 post-Consolidation Shares.
Under the Consolidation, no fractional shares will be issued.
After the Consolidation, each fractional share that is less than
one-half of a share will be cancelled and each fractional share
that is at least one-half of a share will be rounded up to the
nearest whole share.
The exercise price and the number of Shares issuable under any
of the Corporation's outstanding stock options and warrants, as
applicable, will be proportionately adjusted upon completion of the
Consolidation.
A letter of transmittal will be sent to registered shareholders
providing instructions to surrender the certificates evidencing
their Shares for replacement certificates representing the number
of post-consolidation Shares to which they are entitled as a result
of the Consolidation. Until surrendered, each certificate
representing Shares prior to the Consolidation will be deemed for
all purposes to represent the number of Shares to which the holder
thereof is entitled as a result of the Consolidation.
The Board of Directors of the Corporation believes that the
Consolidation is necessary to better position Dixie Gold for future corporate development
opportunities and financing transactions. There will be no name
change in conjunction with the Consolidation.
The Consolidation is subject to the acceptance of the TSX
Venture Exchange (the "Exchange"). Following acceptance by the
Exchange, the post-Consolidation Shares will continue to be traded
on the Exchange under the current trading symbol "DG", but the
CUSIP and ISIN numbers of the post-Consolidation Shares will change
upon the completion of the Consolidation.
About Dixie Gold Inc.
Dixie Gold Inc. (TSXV:DG) is a publicly-traded exploration
company involved in a diverse portfolio of exploration projects
including gold, lithium and uranium assets in Canada. For more information, please visit
www.dixiegold.ca.
Signed,
Ryan Kalt, Chief Executive
Officer
Forward-Looking Statements
This news release contains forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results
may differ materially from those currently expected or forecast in
such statements.
Neither the 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.
SOURCE Dixie Gold Inc.