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CALGARY,
AB, July 30, 2024 /CNW/ - Fiddlehead Resources
Corp. ("Fiddlehead" or the "Company") announces that,
effective on or about July 31, 2024,
the Company will complete a consolidation of its issued and
outstanding common shares (the "Common Shares") on the basis
of one (1) new Common Share for every existing two (2) Common
Shares (the "Consolidation"). The Consolidation was approved
by the Company's Board of Directors on July 26, 2024.
Immediately prior to the Consolidation there are expected to be
13,841,757 Common Shares issued and outstanding, and it is
expected that there will be approximately 6,920,881 Common Shares
following the Consolidation. Each shareholder's percentage
ownership in the Company and proportional voting power will remain
unchanged after the Consolidation, except for minor changes and
adjustments resulting from the treatment of any resulting
fractional Common Shares. Where the exchange results in a
fractional Common Share, the number of Common Shares will be
rounded up to the next greater whole number of Common Shares if
the fractional entitlement is equal to or greater than 0.5 and
will be, without any additional compensation, rounded down to the
next lesser whole number of Common Shares if the fractional
entitlement is less than 0.5.
The record date for the Consolidation will be July 31, 2024. A new CUSIP number of 31572D203
will replace the old CUSIP number of 31572D104 to distinguish
between the pre- and post- consolidated Common Shares. The
Company's name will remain unchanged.
The exercise or conversion price and the number of Common Shares
issuable under any of the Company's outstanding warrants, stock
options and other securities exercisable for or convertible into
Common Shares will be proportionately adjusted in connection with
the Consolidation.
Disclaimer for Forward-Looking Information
This news release contains certain forward-looking statements
within the meaning of applicable Canadian securities legislation.
Forward looking statements are frequently characterized by words
such as "plan", "expect", "project", "target", "intend",
"believe", "anticipate", "estimate" and other similar words, or
statements that certain events or conditions "may" or "will"
occur, including without limitation statements relating to the
Consolidation. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made
and are 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 statements.
The Company cannot assure that actual results will be consistent
with these forward-looking statements. They are made as of the date
hereof and are subject to change and the Company assumes no
obligation to revise or update them to reflect new circumstances,
except as required by law.
SOURCE Fiddlehead Resources Corp.