Royal Coal Announces Consolidation
Toronto, Ontario--(Newsfile Corp. - October 27, 2020) - Royal Coal Corp. (the "Company") announces that it has filed articles of amendment to effect the consolidation (the "Consolidation") of all of the issued and outstanding common shares ("Common Shares") of the Company on the basis of one (1) post-Consolidation Common Share for 515.481342 pre-Consolidation Common Shares, resulting in its previously outstanding 256,740,671 Common Shares of the Company being consolidated into approximately 498,060 Common Shares. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional Common Shares that would have otherwise been issued have been rounded down to the nearest whole number. The Consolidation was approved by the shareholders of the Company at the Company's annual and special meeting held on October 22, 2020.
Letters of transmittal with respect to the Consolidation are being mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, AST Trust Company (Canada), in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation. A copy of the letter of transmittal will be posted on the Company's profile at www.sedar.com.
For more information, please contact:
Tel: (416) 867-9087 ext 2321
This news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided, and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
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