CALGARY,
AB, June 27, 2024 /CNW/ - Cathedral Energy
Services Ltd. (TSX: CET) ("Cathedral" or the
"Company") announces that its Board of Directors has
approved the implementation of the consolidation of the issued and
outstanding common shares of the Company, approved by its
shareholders on May 9, 2024, on the
basis of one (1) post-consolidation common share for every seven
(7) pre-consolidation common shares (the "Consolidation").
The Consolidation, and the previously announced name change of the
Company to "ACT Energy Technologies Ltd." (the "Name
Change"), is anticipated to take effect on July 3, 2024 (the "Effective Date"). The
Company's stock symbol will change to "ACX" concurrently with the
Consolidation and the Name Change.
Following a brief halt in trading in accordance
with TSX procedures, the Company's consolidated common shares are
expected to re-commence trading, under the new symbol "ACX", a few
days after the Effective Date. The new CUSIP number will be
004959102 and the new ISIN number will be CA0049591021.
The Consolidation will reduce the number of
issued and outstanding common shares of the Company from
approximately 243,242,392 common shares, to approximately
34,748,913 common shares upon completion of the Consolidation. No
fractional common shares will be issued in connection with the
Consolidation and all fractional common shares that otherwise would
have been issued will be rounded to the nearest whole common
share.
Further information on the Consolidation can be
found in the Company's management information circular dated
March 25, 2024, available on SEDAR+
at www.sedarplus.ca.
A letter of transmittal will be mailed to
shareholders of record as of the Effective Date advising that
shareholders should surrender their existing share certificates
(representing the pre-Consolidation common shares). Each existing
share certificate will be deemed, for all purposes, to represent
the number of post-Consolidation common shares to which the holder
thereof is entitled as a result of the Consolidation. Registered
shareholders may also obtain a copy of the letter of transmittal by
accessing the Company's SEDAR+ profile at www.sedarplus.ca.
Non-registered shareholders (i.e. beneficial
shareholders) who hold their common shares through an intermediary
(i.e. a securities dealer, bank or financial institution) should
note that the intermediary may have different procedures for
processing the Consolidation from those that will be put in place
by the Company for registered shareholders. Shareholders who hold
their common shares through an intermediary who have questions in
this regard should contact their intermediary for more
information.
About Cathedral
Cathedral Energy Services Ltd., based in
Calgary, Alberta, Canada, is
incorporated under the Business Corporations Act
(Alberta). We operate in
Canada under "Cathedral Energy
Services" and in the U.S. under "Discovery Downhole Services, a
division of Cathedral Energy Services Inc.", "Altitude Energy
Partners, LLC" and "Rime Downhole Technologies, LLC". Cathedral's
common shares are publicly-traded on the Toronto Stock Exchange
under the symbol "CET". Cathedral is a trusted partner to North
American energy companies requiring high performance directional
drilling services and related downhole technologies. We work in
partnership with our customers to tailor our equipment and
expertise to meet their specific geographical and technical needs.
Our experience, technologies and responsive personnel enable our
customers to achieve higher efficiencies and lower project costs.
For more information, visit
www.cathedralenergyservices.com.
Requests for further information should be
directed to:
Tom Connors,
President & Chief Executive Officer
P. Scott MacFarlane, Interim Chief
Financial Officer
Cathedral Energy Services Ltd.
6030 3 Street S.E.
Calgary, Alberta T2H 1K2
Telephone: 403.265.2560, Fax: 403.262.4682
FORWARD-LOOKING INFORMATION
This news release contains statements and
information that may constitute "forward-looking information"
within the meaning of applicable securities legislation, including
statements identified by the use of words such as "will",
"expects", "positions", "believe", "potential" and similar words,
including negatives thereof, or other similar expressions
concerning matters that are not historical facts. Forward-looking
information in this news release includes, but is not limited to,
the proposed Consolidation, Name Change, and stock symbol change,
including the anticipated timing thereof.
The Name Change, stock symbol change,
Consolidation and date of trading resumption remain subject to the
final approval of the Toronto Stock Exchange.
The forward-looking information in this news
release is based on various assumptions that may prove to be
incorrect. Although the Company believes that such assumptions are
reasonable, the Company can give no assurance that such
forward-looking statements will prove to be correct or that any of
the events anticipated by such forward-looking statements will
occur, or if any of them do so, what benefits the Company will
derive there from.
SOURCE Cathedral Energy Services Ltd.