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Diamond Estates Wines & Spirits Announces Share Consolidation
Diamond Estates consolidates shares on a 10:1 ratio Niagara-on-the-Lake, Ontario--(Newsfile C...
About this update from Diamond Estates Wines & Spirits, Inc.
[{"type":"text","content":"Diamond Estates Wines & Spirits Announces Share ConsolidationDiamond Estates consolidates shares on a 10:1 ratioNiagara-on-the-Lake, Ontario--(Newsfile Corp. - November 10, 2021) - Diamond Estates Wines & Spirits Inc. (TSXV: DWS) (\"Diamond Estates\" or \"the Company\") today announces implementation of the consolidation of its share capital on a 10 for 1 basis, consolidating its currently issued and outstanding shares to 27,876,044 (the \"Consolidation\"). Shareholder authorization to effect the share consolidation was approved pursuant to a special resolution passed by shareholders on September 28, 2021. In accordance with the constating documents of the Company and the aforementioned shareholder approval, the board of directors of the Company passed a resolution authorizing the Consolidation.The Company anticipates its shares will continue to be traded on a post-consolidation basis on the TSX Venture Exchange (the \"Exchange\"), as of Monday November 15, 2021, under the symbol \"DWS\" and under a new CUSIP number - 252593801 / ISIN number - CA2525938015.A letter of transmittal will be mailed to all registered shareholders. Additional copies of the letter of transmittal can be obtained through the Company's transfer agent, TSX TRUST COMPANY, 301 - 100 Adelaide Street West, Toronto, ON M5H 4H1; telephone number 1-866-600-5869, facsimile number (416) 361-0470.Further details with respect to the Consolidation are contained in the Company's management information circular dated August 17, 2021, a copy of which is available on SEDAR at www.sedar.com.The exercise price and number of shares of the Company issuable upon the exercise of any outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation. No fractional post-consolidation common shares will be issued. The Company also announced that the inventory holdback of $300,000 set out in the purchase agreement of the Shiny Apple cider brand has been released from escrow. The closing inventory has been valued at $166,613.22, which means $133,386.78, plus any accrued interest, is to be refunded to Diamond. Murray Souter, President & CEO stated, \"The recent acquisition of the Equity Wine Group and the Shiny Apple Cider brand are significant milestones in the growth and evolution of Diamond and will figure prom...