(TheNewswire)
Vancouver, B.C., Canada - TheNewswire - October 16, 2020 - MagOne Products Inc. (the " Company " or " MOPI ") (CNSX:MDD.CN) | (OTC:MGPRF) announces today that further to its news releases datedOctober 7, 2020 regarding the its name change from Mag One ProductsInc. to Cover Technologies Inc. and change to its ticker symbol to"COVE" (the "Name and Symbol Change") and theconsolidation of its common shares on the basis of 20 pre-consolidatedshares into 1 post-consolidated Common Shares (the "ShareConsolidation"), that the effective date for both the Name andSymbol Change and Share Consolidation has been updated to October 20,2020 with an updated record date of October 21, 2020 for the ShareConsolidation. The updates have been made to accommodate forpre-transaction delays in setting up the transaction across thevarious intermediaries. The Company confirms that except as disclosedpreviously in its news releases, there have been no material changesto the Company or its business.
The Share Consolidation willresult in the number of issued and outstanding Common Shares beingreduced from the current outstanding 55,042,903 Common Shares toapproximately 2,752,145 Common Shares. The Company also hasoutstanding incentive stock options to purchase 4,200,000 CommonShares reserved for issuance, equal to 210,000 Common Shares on a postconsolidation basis.
No fractional shares will be issued as a result of theShare Consolidation. Any fractional shares resulting from the ShareConsolidation will be rounded down to the next whole Common Share, andno cash consideration will be paid in respect of fractional shares.
The new CUSIP and ISIN numbers for the Name and SymbolChange and the Share Consolidation will be 22289X103 and CA22289X1033respectively.
Generally, with respect of a consolidation, the shareswould commence quotation on the CSE on a consolidated basis on thefirst trading day preceding the record date and the CSE would issue abulletin to dealers advising of the share consolidation and effectivedate of trading on the consolidated basis. With respect of a namechange, shares normally commence trading on the under the new name andsymbol at the opening of trading two or three trading days after thefiling of documents by the Company confirming the name change. TheCompany intends to effect the Name and Symbol Change and the ShareConsolidation concurrently. Notwithstanding theforegoing, the Name and Symbol Change and the Share Consolidation aresubject to regulatory approval, and the board of directors may, at itsdiscretion, determine not to effect the Name and Symbol Change orShare Consolidation or may determine to amend the terms of the ShareConsolidation.
On behalf of the Board, " Tony Louie ", President & CEO, Mag One Products Inc.
Neither theCanadian Securities Exchange nor its Regulation Services Provideraccepts responsibility for the adequacy or accuracy of this newsrelease.
About Mag One Products Inc.
Mag One ProductsInc. is an industrial products andsolutions company. Using its game-changing technology, Mag OneProducts aims to be the most environmentally friendly &sustainable producer of magnesium (Mg) metal, ultrapure Mg compounds,by-products and vertically integrated co-products. Mag One Productsis expanding its portfolio to explore and develop other innovativeproducts and solutions for the industrial and consumer disinfectantmarket. For further information or questions respecting the Companykindly contact the Company via email at: info@MagOneProducts.com. Additional information can be found on the Company's website atwww.MagOneProducts.com or by viewing the Company's filings atwww.sedar.com
Forward-LookingInformation
Information set forth in this press release may involveforward-looking statements, including statements relating to thesecurities of the Company trading on the CSE. Forward-lookingstatements are statements that relate to future, not past, events. Inthis context, forward-looking statements often address a company'sexpected future business and financial performance, and often containwords such as "anticipate", "believe","plan", "estimate", "expect", and"intend", statements that an action or event"may", "might", "could","should", or "will" be taken or occur, or othersimilar expressions. By their nature, forward-looking statementsinvolve known and unknown risks, uncertainties and other factors whichmay cause our actual results, performance or achievements, or otherfuture events, to be materially different from any future results,performance or achievements expressed or implied by suchforward-looking statements. Such factors include, among others, thefollowing risks: risks associated with marketing and sale ofsecurities; the need for additional financing; reliance on keypersonnel; the potential for conflicts of interest among certainofficers or directors with certain other projects; and the volatilityof common share price and volume. In this case, disclosure aboutproposed the Name and Symbol Change and theShare Consolidation are forward-looking statements, and there is arisk that neither the Name and Symbol Change nor the ShareConsolidation may occur or occur as planned, and there is a risk thatsuch event(s) occurring or not occurring (whether at all or asplanned) may have adverse unforeseen impact on the Company, its marketfor securities, and/or its future business prospects (which includefundraising and operational matters). Forward-looking statements aremade based on management's beliefs, estimates and opinions on the datethat statements are made and except as required by law, the Companyundertakes no obligation to update forward-looking statements if thesebeliefs, estimates and opinions or other circumstances should change.Investors are cautioned against attributing undue certainty toforward-looking statements. For furtherinformation on risk, investors are advised to see the Company'sMD&A and other disclosure filings with the CSE regulators whichare found at www.sedar.com.
__________
Copyright (c) 2020 TheNewswire - All rights reserved.