CALGARY, Aug. 2, 2016 /CNW/ - Montana Exploration Corp.
("Montana Exploration" or the "Company") (TSXV: MTZ)
today announced the details of the consolidation of its common
shares on the basis of one new share for each five old shares
(5:1), and the Company's consolidated common shares are expected to
begin trading on the Toronto Venture Exchange (the
"Exchange") when the market opens on August 3rd, 2016. The purpose of
the consolidation is to increase the common share price to
facilitate various corporate finance transactions.
Share Consolidation Details
Each five (5) common shares issued and outstanding immediately
prior to the market opening on August
3rd, 2016 will automatically be reclassified,
without any action of the holder thereof, into one common share. As
a result of the share consolidation, the number of issued and
outstanding common shares will be reduced from 248,954,407 to
49,790,881 (subject to fractional treatment). Each
Shareholder's percentage ownership in the Company and proportional
voting power shall remain essentially unchanged after the share
consolidation.
No fractional shares will be issued as a result of the share
consolidation. Fractional interests of 0.5 or greater will be
rounded up to the nearest whole number of shares and fractional
interests of less than 0.5 will be rounded down to the nearest
whole number of shares.
Registered shareholders of the Company have been sent a letter
of transmittal (the "Letter of Transmittal") from the
Company's transfer agent, Computershare Investor Services Inc.,
which enables registered shareholders to exchange their old share
certificate representing pre-consolidation common shares for
post-consolidation common shares. A copy of the Letter of
Transmittal is also available on the Company's website or on
www.SEDAR.com. Until surrendered, each share certificate
representing pre-consolidation common shares will represent the
number of whole post-consolidation common shares to which the
holder is entitled as a result of the consolidation.
Shareholders who hold their common shares in brokerage accounts
are not required to take any action to effect the exchange of their
common shares.
ABOUT MONTANA EXPLORATION CORP.
Montana Exploration Corp. is an oil and gas exploration and
production company focusing on the Shaunavon oil and Eagle gas opportunities
underlying its extensive land holdings and drilling rights in the
state of Montana. In the United
States, the company operates through its wholly-owned
subsidiary, Montana Land &
Exploration, Inc. The company's common shares are listed on the TSX
Venture Exchange under the trading symbol "MTZ". Additional
information regarding the company is available at www.SEDAR.com or
at www.MontanaExplorationCorp.com.
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 Montana Exploration Corp.