Business
Discovery Harbour Announces Proposed Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - Discovery Harbour Resources Corp. ...
About this update from Discovery Harbour Resources Corp.
[{"type":"text","content":"Discovery Harbour Announces Proposed Share ConsolidationVancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the \"Company\" or \"Discovery Harbour\") announces that it intends to complete a consolidation of its issued and outstanding common shares (the \"Shares\") on the basis of one new Share (a \"Post-Consolidated Share\") for every ten currently-outstanding Shares (the \"Consolidation\"). It is anticipated that the Consolidation will reduce the number of outstanding shares of the Company from 94,509,294 Shares to approximately 9,450,929 Post-Consolidated Shares, subject to adjustment for rounding. The Board of Directors of the Company believes that the Consolidation will both enhance the marketability of the Company as an investment and better position the Company to raise the funds necessary to execute the Company's business plan. The Consolidation is subject to approval by the TSX Venture Exchange (the \"Exchange\").The Company does not intend to change its name or its current trading symbol in connection with the proposed Consolidation. The effective date of the Consolidation will be announced in a subsequent news release, subject to approval of the Exchange.No fractional Post-Consolidated Shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a Post-Consolidated Share will be rounded down to the nearest whole number of Post-Consolidated Shares and no cash consideration will be paid in respect of fractional shares. The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants and conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the proposed Consolidation in accordance with the terms thereof.By way of corporate update, on May 5, 2023, the shareholders of the Company ratified and re-approved the amended and restated 10% rolling stock option plan. The plan is a \"rolling\" stock option plan, whereby the maximum number of Shares that may be reserved for issuance is 10% of the issued Shares of the Company. The number of pre-Consolidation Shares issuable under the plan as of the date of this news release is 9,450,929. It is anticipated that the Consolidation ...