TORONTO, Nov. 06, 2020 (GLOBE NEWSWIRE) -- Braingrid Limited (CSE: BGRD) (“Braingrid” or the “Company”), is pleased to announce that it is proceeding with a consolidation (the “Consolidation”) of its common shares (“Common Shares”) on the basis of 100 pre-Consolidation Common Shares for one (1) post-Consolidation Common Share. The Consolidation was approved by the shareholders of the Company at the Company’s annual general and special meeting of shareholders held on July 31, 2019.
The Common Shares will commence trading on the Canadian Securities Exchange (the “CSE”) on a consolidated basis at the opening of markets on November 12, 2020 under its current CSE trading symbol, BGRD and under the new post-Consolidation CUSIP and ISIN numbers of 10502B206 and CA10502B2066, respectively.
The Consolidation will reduce the number of outstanding Common Shares from 138,841,920 to approximately 1,388,419, subject to rounding. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued will be rounded down to the next lowest whole number if such fractional Common Share is less than 0.5 of a Common Share, and will be rounded up to the next highest whole number if such fractional Common Share is at least 0.5 of a Common Share.
Letters of transmittal will be mailed to the registered shareholders of the Common Shares requesting that they forward their pre-Consolidation share certificates to the Company’s transfer agent, TSX Trust Company, to exchange such certificates for new share certificates representing their Common Shares on a post-Consolidation basis.
Shareholders who hold their shares through a broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-Consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Consolidation to reflect the applicable number of post-Consolidation Common Shares owned by them and no further action is required to be taken by such shareholders.
About Braingrid Limited
Braingrid is a global technology company committed to the best interests of the precision agriculture industry for the long term. We provide valuable grow analytics by capturing real-time data using our technology platform to increase revenues, reduce costs, risks and improve yield - making it easier for the grower to operate efficiently and effectively. Braingrid is listed on the CSE under the symbol BGRD.
Forward-Looking Statements
This document includes forward-looking statements, including forward-looking statements within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to the anticipated date on which the post-Consolidation Common Shares will begin trading on the CSE, and other statements which are not historical facts. When used in this document, the words such as “could,” “plan,” “”estimate,” “expect,” “intend,” “may,” “potential,” “should,” and similar expressions relating to matters that are not historical facts are forward-looking statements. Although Braingrid believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include that the potential trading of the post-Consolidation Common Shares on the CSE will be delayed and other risks disclosed in the public documents filed by Braingrid with the Canadian securities regulatory authorities. Braingrid assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Media Contact:
Braingrid Limited
Doug Harris
Chief Financial Officer
416-480-2488
ir@braingrid.io
www.braingrid.io