March 25, 2019 – Zadar Ventures Ltd. (“Zadar” or the “Company”) announces that its board of directors has approved a consolidation of its common shares (the “Consolidation”).
Subject to acceptance by the TSX Venture Exchange (the “TSXV”), the Consolidation will be implemented on the basis of one new common share of the Company (each, a “New Share”) for every 10 existing common shares of the Company (each, an “Existing Share”). The Company’s name and trading symbol will remain unchanged.
The principal effects of the Consolidation will be that the number of common shares of the Company issued and outstanding will be reduced from 101,791,336 Existing Shares as of the date hereof to approximately 10,179,134 New Shares. The exact number of New Shares will vary depending on the treatment of fractional shares, which will occur upon the Consolidation. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be (i) rounded up to the next whole share if such fractional share is equal to or greater than one-half of a share; and (ii) rounded down to the next whole share if such fractional share is less than one-half of a share, and no cash consideration will be paid in respect of fractional shares. Outstanding stock options and share purchase warrants will also be adjusted by the Consolidation ratio and their respective prices will be adjusted accordingly.
The expected benefits of the Consolidation include improved trading liquidity, increased investor interest, as well as reduced future dilution from the ability to raise additional capital at a higher price per share.
Registered shareholders will receive a letter of transmittal from the Company’s transfer agent with instructions for exchanging their Existing Shares. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their name will not need to complete a letter of transmittal.
About Zadar Ventures Ltd.
Zadar Ventures Ltd. is a junior uranium exploration company focused on the acquisition and exploration of economically viable green energy resources in jurisdictions favourable to mining and industry. For more information we invite you to visit the Company’s website at www.zadarventures.com.
ON BEHALF OF THE BOARD OF DIRECTORS,
Mark Tommasi, Chairman
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain certain forward-looking information, including statements respecting the Consolidation and its anticipated benefits. All statements included herein, other than statements of historical fact, forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward looking information can be found in the company’s disclosure documents on the SEDAR website at www.sedar.com. The company does not undertake to update any forward-looking information except in accordance with applicable securities laws.