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Alvopetro Announces Completion of Share Consolidation and Split
Alvopetro Announces Completion of Share Consolidation and Split Canada NewsWire...
About this update from Alvopetro Energy Ltd.
[{"type":"text","content":"\n \n \n \n Alvopetro Announces Completion of Share Consolidation and Split\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnml40{\nMARGIN-LEFT:3.33em\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 7, 2021\n \n /CNW/ - Alvopetro Energy Ltd. (TSXV: ALV) (OTCQX: ALVOF), (\"Alvopetro\", or the \"Company\") announces that pursuant to a special resolution passed by shareholders on\n \n August 12, 2021\n \n , a final order from the\n \n Alberta\n \n Court of Queen's Bench and the conditional approval of the TSX Venture Exchange (the \"TSXV\"), we have completed our previously announced arrangement, which involved a 2,100 to 1 share consolidation followed immediately by a 1 to 700 share split (the \"Share Restructuring\"). Shareholders who held less than 2,100 common shares at the close of business on\n \n September 3, 2021\n \n are entitled to receive a cash payment in exchange for their common shares equal to\n \n C$1.12\n \n per common share (the \"Cash Proceeds\"). The Cash Proceeds are based on the volume weighted average trading price of the common shares on the TSXV during the 5 consecutive trading days ending on and including\n \n September 3, 2021\n \n .\n \n \n The Common Shares are expected to begin trading on a post-consolidation and split basis on the TSXV and the OTCQX as of the opening of trading today,\n \n September 7, 2021\n \n , under a new CUSIP number (02255Q209) and the same trading symbol. Alvopetro's closing trading price on the TSX Venture Exchange on\n \n Friday, September 3, 2021\n \n was\n \n C$1.15\n \n per share which equates to\n \n C$3.45\n \n per share post-consolidation and post-split.\n \n \n Letters of transmittal were mailed to registered shareholders on\n \n July 21, 2021\n \n providing instructions to surrender their common shares to Alvopetro's transfer agent, TSX Trust Company (\"TSX Trust\") for: (a) in the case of holders of 2,100 or more Common Shares as of\n \n September 3, 2021\n \n , replacement certificates or DRS advices equivalent to the number of post-consolidation and split common shares...