African Gold Group completes share consolidation
16-04-2019 19:03:53 | by: Bob Koigi | hits: 3480 | Tags:

Mining company has announced that it has received final TSX Venture Exchange approval to complete its previously announced share consolidation.

Effective at the opening on April 17, 2019, the common shares of AGG will commence trading on the TSX Venture Exchange on a consolidated basis of one new common share for every seven and a half old common shares.

Prior to the share consolidation, AGG had 361,582,671 common shares outstanding and, following the share consolidation on a 7.5 for one basis, now has approximately 48,211,022 common shares outstanding. 

The change in the number of issued and outstanding common shares that has resulted from the share consolidation will not materially affect any shareholder’s percentage ownership in AGG, although such ownership would be represented by a smaller number of common shares.

A letter of transmittal has been sent by mail to shareholders advising that the share consolidation has taken effect and instructing shareholders to surrender the certificates evidencing their common shares for replacement certificates representing the number of common shares to which they are entitled as a result of the consolidation. 

Until surrendered, each certificate will be deemed for all purposes to represent the number of common shares to which the holder thereof is entitled as a result of the share consolidation.