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Edison Lithium Announces Proposed Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2023) -   Edison Lithium Corp. (TSX...
About this update from Edison Lithium Corp.
[{"type":"text","content":"Edison Lithium Announces Proposed Share ConsolidationVancouver, British Columbia--(Newsfile Corp. - July 13, 2023) -  Edison Lithium Corp. (TSXV: EDDY) (OTCQB: EDDYF) (FSE: VV00) (\"Edison\" or the \"Company\") announces that it intends to complete a consolidation of its issued and outstanding common shares on the basis of one (1) new common share (a \"Post-Consolidation Share\") for every eight (8) currently-outstanding common shares (the \"Consolidation\").ConsolidationIt is anticipated the Consolidation will reduce the number of outstanding shares of the Company from 115,181,311 common shares to approximately 14,397,664 Post-Consolidation Shares, subject to adjustment for rounding. The Consolidation is subject to approval by the TSX Venture Exchange (the \"Exchange\").No fractional Post-Consolidation Shares will be issued. If, as a result of the Consolidation, a shareholder would otherwise be entitled to a fraction of a Post-Consolidation Share, each fractional share following conversion that is at least one-half (1/2) of a Post-Consolidation Share will be rounded up to the nearest whole number and each fractional share that is less than one-half (1/2) of a Post-Consolidation Share will be cancelled. No cash consideration will be paid in respect of fractional shares.In addition, the exercise price and number of Post-Consolidation Shares of the Company, issuable upon the exercise of outstanding securities convertible into Post-Consolidation Shares will be proportionally adjusted upon the implementation of the proposed Consolidation in accordance with the terms thereof.The Company does not intend to change its name or its current trading symbol in connection with the proposed Consolidation. The effective date and further details of the Consolidation, subject to approval of the Exchange, will be announced in a subsequent news release.Pursuant to the provisions of the Business Corporations Act (British Columbia) and the Articles of the Company, the Consolidation was approved by way of resolutions passed by the board of directors of the Company.Spin-Out UpdateBy way of update regarding the proposed spin-out of the Company's cobalt assets in northeastern Ontario, referred to as the Kittson Cobalt Property (the \"Spin-Out\"), into a newly incorporated subsidiary (\"SpinCo\"), to be carried out by way of statutory plan of arrang...