LACHENAIE, QC, June 20, 2014 /CNW Telbec/ - Capital Pro-Égaux Inc. (the "Company") (NEX: CPE.H) today announced a 10-for-1 consolidation of its common shares traded on NEX, effective June 20, 2014 (the "Effective Date"). The purpose of the consolidation is to increase the share price and decrease the number of issued and outstanding common shares.
The share consolidation was approved by the Company's Board of Directors on May 13, 2014. The Company's consolidated common shares are expected to begin trading on NEX when the market opens on June 20, 2014.
Each ten (10) common shares issued and outstanding immediately prior to June 20, 2014, will automatically be reclassified, without any action of the holder thereof, into one common share. The proposed share consolidation will affect all of the Company's common shares outstanding immediately prior to the market opening on June 20, 2014. As a result of the share consolidation, the number of issued and outstanding common shares will be reduced from 41,950,772 to 4,195,080.
No fractional shares will be issued as a result of the share consolidation. Fractional interest of 0.5 or greater will be rounded up to the nearest whole number of shares and fractional interest of less than 0.5 will be rounded down to the nearest whole number of shares. Registered shareholders of the Company will be receiving a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., as soon as practicable after the Effective Date. The letter of transmittal will enable registered shareholders to exchange their old share certificate representing pre-consolidation common shares for new share certificates representing the post-consolidation common shares. Until surrendered, each share certificate representing pre-consolidation common shares will be deemed for all purposes to represent the number of whole post-consolidation common shares to which the holder is entitled as a result of the consolidation.
Stockholder who hold their shares in brokerage accounts or "street name" are not required to take any action to effect the exchange of their shares.
In addition, the Company announced that pursuant to a Board of Directors resolution passed on May 13, 2014, all incentive stock options (representing a total of 3,876,000 options on a pre-consolidation basis) issued prior to the share consolidation have been surrendered for cancellation.
Caution regarding forward-looking statements
This news release contains certain forward-looking statements regarding the Company's expectation of future events, including potential claims and legal proceedings. Such expectations are based on certain assumptions based on currently available information. If these assumptions prove incorrect, actual results may differ materially from those contemplated by the forward-looking statements contained in this press release. Factors that could lead actual results to differ include, amongst others, factors that may impact claims and legal proceedings, such as interpretation of factual matters, time and money involved in undertaking legal proceedings, uncertainty as to the final result and other risks. The Company disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than as required by securities laws.
About Pro-Égaux Inc.
Pro-Égaux through its wholly owned subsidiary, Technique d'usinage Sinlab Inc., is a company based in Lachenaie, Quebec, specializing mainly in the conception and design of titanium products to be used in the dental prosthesis restoration industry.
Neither NEX, the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of NEX and the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Capital Pro-Egaux Inc.