Vancouver, British Columbia--(Newsfile Corp. - June 1, 2023) - Canadian Nexus Team Ventures Corp. (CSE: TEAM) ("Canadian Nexus", "the Company" or "TEAM") The Company announces that its Board of Directors has approved a consolidation of the Company's issued share capital on the basis of seven (7) common shares for one (1) new share of the Company (the "Consolidation"). The Company currently has 62,836,878 common shares outstanding and will have 8,976,696 common shares outstanding after completion of the Consolidation, subject to rounding and the elimination of any fractional shares resulting from the Consolidation. The number of outstanding stock options and warrants of the Company will similarly be adjusted by the Consolidation ratio, and the exercise prices adjusted accordingly.
The Consolidation is being implemented to position the company for future strategic opportunities. The Consolidation is subject to Exchange approval. The Company will continue to trade after the Consolidation under the name "Canadian Nexus Team Ventures." If the Consolidation is approved by the Exchange, the Company will disseminate a further news release which will set out the effective date for the Consolidation.
Upon completion of the Consolidation, a letter of transmittal will be sent by mail to registered shareholders advising them that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates or DRS statements evidencing their pre-consolidated common shares for new share certificates or new DRS statements representing the number of post-consolidated common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to affect the Consolidation. The Common Shares are expected to begin trading on the Exchange on a post-Consolidation basis, after the Exchange issues its final bulletin advising of the effective date of the Consolidation.
About Canadian Nexus Team Ventures Corp.
Canadian Nexus (CSE: TEAM) is an investment issuer that actively invests in a diversified portfolio of early-stage to mid-level companies and projects. Canadian Nexus leverages its extensive network of operators and global thought leaders to provide investors with a unique multi-opportunity portfolio. From time to time the company may acquire or dispose of shares in the open market as defined in the Company's investment policy that can be found on Sedar under Canadian Nexus Team Ventures Corp.
Scott Young, CEO
This news release includes certain forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements the timing, consideration, and completion of the joint venture are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward-looking information can be identified by words such as "pro forma", "plans", "expects", "will", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, statements as to the completion of the Acquisition, the anticipated business plans and timing of future activities of the Company, including the Acquisition, the ability of the Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining regulatory approvals (including of the Canadian Securities Exchange), changes in laws, regulations, and policies affecting the Company's operations and the Company's limited operating history.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this presentation or incorporated by reference herein, except as otherwise required by law.
The Canadian Securities Exchange has not approved nor disapproved the contents of this news release
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