Black Birch Capital Acquisition III Corp. Announces Share Consolidation and Private Placement
TORONTO, ONTARIO (FSCwire) - Black Birch Capital Acquisition III Corp. (NEX: BBC.H) (the “Company”) is pleased to announce that the shareholders of the Company have resolved to consolidate the Company's issued and outstanding share capital on a one for three basis (the “Consolidation”) at the Annual and Special General Meeting of Shareholders which took place on April 18, 2017. The Consolidation will reduce the issued and outstanding common shares of the Company from 6,512,220 to approximately 2,170,740 shares prior to the Private Placement (as announced below) and assuming no other change in the issued capital.
The Consolidation is subject to approval by the TSX Venture Exchange. The Company does not intend to change its name or its current trading symbol in connection with the proposed share consolidation.
The exercise price and number of common shares issuable pursuant to all outstanding stock options and warrants will also be adjusted in accordance with the Consolidation ratio. Fractional common shares will not be issued, and no cash will be paid in lieu of fractional post- consolidation common shares. The number of post-consolidation common shares to be received by a shareholder will be rounded down to the nearest whole common share. The board of directors believes that the proposed share consolidation will better position the Company to raise the funds it requires to finance continuing business activities and to seek additional opportunities.
Private Placement
The Company is pleased to announce the private placement of up to 12,000,000 common shares (the “Private Placement”) priced at $0.05 per post-consolidation common share for total gross proceeds of up to $600,000. The shares will be subject to a 4 month hold period and the Private Placement is subject to TSX Venture Exchange approval. Proceeds from this financing shall be used for investigating project acquisitions and general corporate purposes.
On behalf of the Board of Directors
Black Birch Capital Acquisition III Corp.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATED SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/BlackBirch05152017.pdf
Source: Black Birch Capital Acquisition III Corp. (TSX Venture:BBC.H)
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