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LiCo Energy Announces Consolidation and Post-Consolidated Financing
(via TheNewswire) Vancouver, BC - January 17, 2020 - LiCo Energy Metals Inc. ("the Compa...
About this update from Fuse Battery Metals Inc
[{"type":"text","content":"LiCo Energy Announces Consolidation and Post-Consolidated Financing(via TheNewswire)\n\n \nVancouver, BC - January 17, 2020 - LiCo Energy Metals Inc. (\"the Company\" or \"LiCo\") (TSXV:LIC) (OTC:WCTXF) announces that in order for the Company to evaluate and reorganize its current exploration programs and to better finance the Company, the shareholders of the Company and the Board of Directors have approved and authorized a consolidation of the Company's issued and outstanding shares on a 2 old for 1 new basis, consolidating its 27,516,597 currently outstanding shares to 13,758,348 shares. \n\n \n \nThe Company will not be issuing fractional shares as a result of the consolidation. Instead, all fractional shares equal or greater to one-half will be rounded to the next whole share. The Company's outstanding stock options and share purchase warrants will be adjusted upon completion of the consolidation. \n\n \n \nThe Company does not intend to change its name or seek a new stock trading symbol from in connection with the Consolidation. The Company's shares will continue to trade under the symbol \"LIC\". The consolidation remains subject to TSX Venture Exchange (\"Exchange\") approval.\n\n \n \nA letter of transmittal will be sent to the registered shareholders providing instructions to surrender the share certificates evidencing their pre-consolidated common shares for replacement certificates of LiCo representing the number of post-consolidated common shares they are entitled to as a result of the consolidation. Until surrendered, each certificate representing the pre-consolidated common shares will be deemed to represent the number of post-consolidated common shares of LiCo Energy Metals Inc. that the holder thereof is entitled to as a result of the consolidation.\n\n \n \nThe Company also announces a non-brokered private placement financing of up to 12,000,000 post-consolidated units (\"Units\") at a price of $0.05 per post-consolidated Unit for gross proceeds of up to $600,000.\n\n \n \nEach Unit is comprised of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.05 per share for a period of two years from closing, subject to Exchange approval.\n\n \n \nFinder fees may be paid in connectio...