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Network Media Group Announces 5 to 1 Share Consolidation
Network Media Group Announces 5 to 1 Share Consolidation Canada NewsWire VA...
About this update from Network Media Group Inc.
[{"type":"text","content":"\n \n \n \n Network Media Group Announces 5 to 1 Share Consolidation\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Aug. 29, 2023\n \n \n /CNW/ -\n \n Network Media Group Inc.\n \n (TSXV: NTE) (OTC: NETWF) (\"Network\" or the \"Company\") announces a consolidation (the \"Consolidation\") of its Common Shares (the \"Common Shares\") on the basis of five (5) pre-Consolidation Common Shares for one (1) post-Consolidated Common Shares. As of the date hereof, there are 89,123,537 Common Shares issued and outstanding. On a post-Consolidation basis, the Company shall have 17,824,707 Common Shares issued and outstanding. No fractional shares will be issued under the Consolidation and each fractional share will be rounded down to the nearest whole number, without any consideration payable therefor. Each shareholder's percentage ownership in the Company and proportional voting power will remain unchanged, except for minor adjustments resulting from the treatment of fractional shares.\n \n \n The CUSIP number for the post-Consolidation Common Shares is 64128U205 and the new ISIN number is CA64128U2056 and the Company's name will not change.\n \n \n \n Ali Pejman\n \n , Chairman of Network Media Group stated, \"In discussions with existing and prospective stakeholders, we believe that optimizing our share structure will help us appeal to a broader audience of investors and deliver long-term value to shareholders.\"\n \n \n The Common Shares will commence trading on the TSX Venture Exchange on a post-Consolidation basis effective at market opening on\n \n September 21, 2023\n \n . The Consolidation is subject to the receipt of all necessary regulatory approvals including the approval of the TSX Venture Exchange. Pursuant to the\n \n Business Corporations Act\n \n (\n \n British Columbia\n \n ) and the Articles of the Company, shareholder approval of the Consolidation is not required.\n \n \n The exercise or conversion price and the number of Common Shares issuable under the Company's outstanding sto...