LOOPShare Confirms Effective Date for Share Consolidation
Vancouver, British Columbia--(Newsfile Corp. - March 8, 2021) - LOOPShare Ltd. (TSXV: LOOP) (OTC Pink: LPPPF) (FSE: 3KZ) ("LOOPShare") announces that the consolidation of its class "A" common shares ("common shares") on the basis on the basis of (1) post-consolidation share for every ten (10) pre-consolidation shares (the "Consolidation") will be effected at 12:01 a.m. on March 9, 2021. The Company's shareholders approved the Consolidation at the Company's Annual General and Special Meeting held December 21, 2020. The Company's post-consolidation common shares will be posted for trading on the TSX Venture Exchange at the opening of trading on Thursday March 11, 2021, under the current symbol "LOOP" and new CUSIP number 543527303.
The Consolidation will result in the number of issued and outstanding common shares without par value of the Company being reduced from 32,094,786 common shares to approximately 3,209,478 common shares on a non-diluted basis, and each shareholder will hold the same percentage of common shares outstanding immediately after the Consolidation as such shareholder held immediately prior to the Consolidation. The exercise price and number of common shares of the Company issuable upon the exercise of outstanding stock options, warrants or other convertible securities will be proportionately adjusted to reflect the Consolidation in accordance with the terms of such securities.
Registered shareholders that hold physical share certificates will receive a letter of transmittal requesting that they forward pre-consolidation common share certificates to the Company's transfer agent, TSX Trust, for exchange for new share certificates representing common shares on a post-consolidation basis.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.
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