TSXV – BEN.H
VANCOUVER, BC, Feb. 23,
2023 /CNW/ - Butte Energy Inc.
(TSXV – BEN.H) (the "Company") announces
the Company will consolidate its outstanding share capital on
the basis of five (5) pre-consolidation shares for one (1)
post-consolidation share (the "Consolidation"). The
reasons for the consolidation are to increase the Company's
flexibility and competitiveness in the market place and to attract
new equity investment in the Company. As of the date of this news
release, the Company has 322,064,202 common shares issued and
outstanding, and after the consolidation, the Company will
have approximately 64,412,840 common shares issued and outstanding.
No fractional shares will be issued. Any fractional interest in
common shares that is less than 0.5 of a common share resulting
from the Consolidation will be rounded down to the nearest whole
share and any fractional interest in a share that is 0.5 or greater
of a share will be rounded up to the nearest whole share.
The exercise price and number of common shares issuable upon the
exercise of the Company's outstanding options will also be
proportionally adjusted upon completion of the Consolidation in
accordance with the terms thereof.
The Company will not change its name as part of the
Consolidation. The Company's common shares will continue to
trade on the TSX Venture Exchange under its current symbol
"BEN.H".
The Consolidation is subject to the approval of the TSX Venture
Exchange ("Exchange"). The Company will issue a further news
release confirming the effective date for the Consolidation
following approval of the Exchange. The Consolidation is expected
to become effective mid-March, 2023.
On behalf of BUTTE ENERGY INC.
"Geir Liland"
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Butte Energy Inc.