(TheNewswire)
Vancouver, British Columbia - TheNewswire - October 23, 2020 -Planet Ventures Inc. (TSXV:PXI ) ( FSE:P6U) (" Planet " or the " Company ") is pleased to announce that itwill implement the previously announced consolidation (the " Consolidation ")of its outstanding shares (the " Common Shares ")on the basis of one (1) post-Consolidation Common Share for every five(5) pre-Consolidation Common Shares, effective as of October 28, 2020.The Company has received TSX Venture Exchange (" TSXV ") approvalfor the Consolidation.
Following the Consolidation, the Common Shares willcontinue to be traded on the TSXV under the symbol "PXI".The Common Shares are scheduled to begin trading on apost-Consolidation basis at market open on October 28, 2020.
A letter of transmittal will be mailed to allregistered shareholders with instructions on how to exchange theirexisting pre-Consolidation share certificate(s) for newpost-Consolidation share certificate(s).
The Company currently has 224,039,190 Common Sharesissued and outstanding. Following the Consolidation, the Company willhave approximately 44,807,838 Common Shares issued and outstanding. Nofractional Common Shares will be issued as a result of theConsolidation. In the event a holder of Common Shares would otherwisebe entitled to receive a fractional Common Share in connection withthe Consolidation, the number of Common Shares to be received by suchshareholder will be rounded down to the next whole number if thatfractional Common Share is less than one half (1/2) of a Common Share,and will be rounded up to the next whole number of Common Shares ifthat fractional Common Share is equal to or greater than one half(1/2) of a Common Share.
The exercise or conversion price of, and the number ofCommon Shares issuable under, any convertible securities of theCompany will be proportionately adjusted upon the completion of theConsolidation.
About Planet
Planet is an investment issuer listed on the TSXVenture Exchange that is focused on investing in disruptive companiesand industries that have high growth potential. Planet's uniqueportfolio driven investment policies provide investors access toemerging and high-growth opportunities while shielding them from anyformidable downside.
For more information, please visit our website:planetventuresinc.com.
" ZulaKropivnitski "
Zula Kropivnitski
Chief Financial Officer and Director
Tel: (604) 681-0084
Fax: (604) 681-0094
Email: info@planetventuresinc.com
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
This news release containsforward-looking information that involve various risks anduncertainties regarding future events. Such forward-lookinginformation can include without limitation statements based on currentexpectations involving a number of risks and uncertainties and are notguarantees of future performance of the Company, such as the statementthat the Company intends to complete the Consolidation. There arenumerous risks and uncertainties that could cause actual results andthe Company's plans and objectives to differ materially from thoseexpressed in the forward-looking information.
Copyright (c) 2020 TheNewswire - All rights reserved.