Business
Bold Ventures Seeks Shareholder Approval for Consolidation Mandate
Not for distribution to U.S. Newswire Services or fo...
About this update from Bold Ventures Inc.
[{"type":"text","content":"Bold Ventures Seeks Shareholder Approval for Consolidation MandateNot for distribution to U.S. Newswire Services or for dissemination in the United StatesTORONTO, ON / ACCESSWIRE / December 16, 2019 / Bold Ventures Inc. (TSXV:BOL) (the \"Company\" or \"Bold\") wishes to announce that it has called its Annual General and Special Meeting of Shareholders for Wednesday, January 29, 2019 (the \"Annual Meeting\") to, among other things, seek shareholder approval to give the Board of Directors discretion to consolidate the Company's common shares on the basis of one (1) post-consolidation common share for up to ten (10) pre-consolidated common shares (the \"Consolidation\"). If Shareholder approval is obtained, the Consolidation may be effected at a time determined by the Board in the context of the market at the time and announced by a press release of the Company.Currently there are 125,670,246 common shares issued and outstanding. To illustrate an example, if the Company effects a five (5) to one (1) consolidation, there would be 25,134,049 common shares issued and outstanding after giving effect to the consolidation.The Company's shares have been trading in the $0.005 to $0.01 range for the last three (3) months and the Company is seeking shareholder approval to the Consolidation to facilitate a private placement at a price of at least $0.05 after giving effect to the consolidation (based upon the minimum pricing rules of the TSX Venture Exchange (\"TSXV\")). The Board of Directors believes that it is in the best interests of Shareholders for the Board to have the authority to implement the Consolidation. The Consolidation will, among other things, assist the Company in potentially raising additional capital. At this time the high number of shares outstanding and the current market price of the shares makes it difficult to sustain higher share prices. This low share price range results in material limitations on the Company's ability to finance future projects through equity or convertible debt issues. The Consolidation may have the effect of raising, on a proportionate basis, the market price of the common shares. However, implementation of the Consolidation is not likely to have an effect on the actual or intrinsic value of the business of the Company, the common shares or on a Shareholder's proportional ownership in the Company....