Business
Power Group Seeks Finance Alternatives and Proposed Consolidation
Toronto, Ontario--(Newsfile Corp. - June 30, 2020) - Power Group Projects Corp. (" Power Group...
About this update from Power Group Projects Corp.
[{"type":"text","content":"Power Group Seeks Finance Alternatives and Proposed ConsolidationToronto, Ontario--(Newsfile Corp. - June 30, 2020) - Power Group Projects Corp. (\"Power Group\" or the \"Company\") (TSXV: PGP) announces that since the new board of directors and management took over operations of the Company, the focus has been on preparing the audited annual financial statements for the year ended January 30, 2020 which were grossly overlooked and unattended to by the previous board of directors and management, amongst other commitments. Furthermore, the new team is continuing to rationalize the Company's cobalt exploration projects in Ontario as well as its strategy going forward. The new team is tackling all of the above while operating on nominal funds and resources at this time while also exploring various alternatives of financing for the Company and business strategy. The Company acknowledges the current market conditions and challenges both in the cobalt space and due to the global pandemic. In addition, the Company intends to consolidate the issued and outstanding common shares of the Company on a basis of up to 10 (old) for 1 (new) basis, as it explores several options to attract new financing. The Company continues to work on the filing of its audited annual financial statements which it intends to file no later than July 14, 2020. ON BEHALF OF THE BOARD OF DIRECTORSAleem NathwaniChief Executive Officer and [email protected](604) 290-7073THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES OF AMERICACAUTIONARY STATEMENT:The information contained herein contains \"forward-looking statements\" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be \"forward-looking statements.Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-l...