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Rocky Mountain Liquor Announces Mailing of Meeting Materials and Details on Proposed Share Consolidation
EDMONTON, AB / ACCESSWIRE / July 23, 2019 / Rocky Mountain Liquor Inc. ...
About this update from Rocky Mountain Liquor Inc.
[{"type":"text","content":"\nRocky Mountain Liquor Announces Mailing of Meeting Materials and Details on Proposed Share ConsolidationEDMONTON, AB / ACCESSWIRE / July 23, 2019 / Rocky Mountain Liquor Inc. (“Rocky Mountain” or the “Company”) (TSX-V: RUM) is pleased to announce that it has mailed a management information circular (the \"Circular\") to holders (\"Shareholders\") of its common shares (\"Shares\") in connection with an annual and special meeting (the \"Meeting\") of Shareholders to be held at National Bank Financial, Suite 3200, 130 King Street West in Toronto, Ontario at 1:00 p.m. EDT on August 27, 2019. At the Meeting, Shareholders will be asked to consider for approval, among other things, a resolution authorizing a consolidation of the Shares on the basis of a ratio of five (5) pre-consolidation Shares for each one (1) post-consolidation Share (the \"Consolidation\"). If the resolution is passed, the Consolidation will be subject to Exchange acceptance. The issuer’s name will not be changed in conjunction with the Consolidation. The Company currently has 237,449,683 issued and outstanding Shares. In the event that the Consolidation is completed, on a five to one basis, the Company would have approximately 47,489,937 Shares outstanding following the Consolidation. Background and Reasons for the Share ConsolidationOn July 3, 2019, the Company completed its previously announced transaction (the “Transaction”) pursuant to which the Company redeemed in full the CAD$6,865,000 principal amount (the “Principal Amount”) of outstanding 7.50% convertible unsecured subordinated debentures due April 30, 2021 (the “Debentures”) in exchange for the issuance of Common Shares in full satisfaction of the Principal Amount and the payment in cash of all accrued and unpaid interest owing on the Debentures. Pursuant to the Transaction, all of the Debentures were redeemed and all claims of the holders of Debentures were extinguished in exchange for an aggregate of 180,657,895 Common Shares issued in full satisfaction of the Principal Amount on the basis of a price of CAD$0.038 per Common Share (the “Current Market Price”) and the payment in cash of an amount equal to the accrued but unpaid interest owing up to but excluding July 3, 2019, being the effective date of the Tran...