Business
Silver Sands Announces Consolidation of the Company's Shares
Vancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - Silver Sands Resources Corp. ( ...
About this update from Silver Sands Resources Corp.
[{"type":"text","content":"Silver Sands Announces Consolidation of the Company's SharesVancouver, British Columbia--(Newsfile Corp. - August 22, 2023) - Silver Sands Resources Corp. (CSE: SAND) (OTCQB: SSRSF) (the \"Company\" or \"Silver Sands\") announces that the Board of Directors have approved a consolidation of the Company's shares and will proceed, subject to CSE Exchange approval, on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the \"Consolidation\"). The Company will not be seeking a new name or trading symbol.The Company will issue a future news release announcing the effective date of the consolidation and new CUSIP and ISIN numbers.Currently there are 80,376,711 common shares issued and outstanding and after the Consolidation there will be approximately 8,037,671 common shares issued and outstanding. No fractional Shares will be issued as a result of the Consolidation. Instead, any fractional share interest of 0.5 or higher arising from the Consolidation will be rounded up to one whole Share, and any fractional share interest of less than 0.5 will be cancelled.The Board has concluded that the Consolidation would be in the best interests of the shareholders as it could lead to increased interest by a wider audience of potential investors and could better position the Company to obtain financing and pursue acquisition opportunities. The Company will not be changing its name in connection with the Consolidation. In accordance with the Articles of the Company, the Consolidation may be approved by the board of directors of the Company and shareholder approval is not required. Registered shareholders of the Company will receive a letter of transmittal from the Company's transfer agent with instructions for exchanging their pre-Consolidation Shares. Shareholders who hold their Shares through a broker or other intermediary will not need to complete a letter of transmittal. The Company will take the required steps to amend the exercise prices of the Company's issued and outstanding share purchase warrants and incentive share purchase options post consolidation in order to maintain the incentive for the respective holders. About Silver Sands Resources Corp.Silver Sands is a Canada-based company engaged in the business of mineral exploration and the acquisition of mineral property assets in ...