TSX V PGP, Pink Sheets CBBWF
TORONTO, Feb. 7, 2019 /CNW/ - Cobalt Power Group Inc.
("Power Group") (TSX Venture: PGP) is pleased to
announce that it has filed articles of amendment
("Articles") to change its name to "Power Group Projects
Corp." and consolidate its common shares (the "Common
Shares") on a ten (10) for one (1) basis
(the "Consolidation") (previously reported
November 23, 2018 as a 1:12 Share
Consolidation). Power Group will now be trading under the ticker
symbol "PGP."
The Consolidation will reduce the number of outstanding Common
Shares from 158,605,628 to approximately 15,860,562 No fractional
Common Shares will be issued pursuant to the Consolidation and any
fractional shares that would have otherwise been issued have been
rounded down to the nearest whole number. The change in the
number of issued and outstanding Common Shares that that result
from the Consolidation will not materially affect any shareholder's
percentage ownership in Power Group, although such ownership would
be represented by a smaller number of Common Shares.
The Board of Directors of the Company believes that the
consolidation of shares will enhance Power Group's ability to seek
and attract additional funding and strategic acquisitions.
Power Group will place the cobalt assets into a wholly-owned
subsidiary and continue to evaluate and to enhance its portfolio of
assets moving forward. Including seeking out and further growth
opportunities.
Effective on or about February 8,
2018, the common shares of Power Group will commence trading
on the TSX Venture Exchange on a consolidated basis.
The TSX Venture Exchange Inc. has in no way passed upon the
merits of the proposed transaction and has neither approved nor
disapproved the contents of this press release.
CAUTIONARY STATEMENT:
Neither the TSX-V nor its Regulation Services Provider (as that
term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information that
involves substantial known and unknown risks and uncertainties,
most of which are beyond the control of Western Troy.
Forward-looking statements include estimates and statements that
describe Western Troy's future plans, objectives or goals,
including words to the effect that Western Troy or its management
expects a stated condition or result to occur. Forward-looking
statements may be identified by such terms as "believes",
"anticipates", "expects", "estimates", "may", "could", "would",
"will", or "plan". Since forward-looking statements are based on
assumptions and address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Although
these statements are based on information currently available to
Western Troy, Western Troy provides no assurance that actual
results will meet management's expectations. Risks, uncertainties
and other factors involved with forward-looking information could
cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward- looking information. Forward looking information
in this news release includes, but is not limited to, Western
Troy's objectives, goals or future plans, statements (including the
terms, conditions and objectives of the Transaction), details of
the exploration results, potential mineralization, the company's
portfolio, treasury, management team and enhanced capital markets
profile, the receipt of regulatory approvals for the Offering, the
receipt of regulatory approvals of the Transaction, the estimation
of mineral resources, exploration and mine development plans,
timing of the commencement of operations and estimates of market
conditions. Factors that could cause actual results to differ
materially from such forward-looking information include, but are
not limited to, failure or inability to complete the Transaction
and the Offering on the terms as announced or at all, regulatory
approval processes, failure to identify mineral resources, delays
in obtaining or failures to obtain required governmental,
regulatory, environmental or other project approvals, political
risks, inability to fulfill the duty to accommodate First Nations
and other indigenous peoples, uncertainties relating to the
availability and costs of financing needed in the future, changes
in equity markets, inflation, changes in exchange rates,
fluctuations in commodity prices, delays in the development of
projects, capital and operating costs varying significantly from
estimates and the other risks involved in the mineral exploration
and development industry, and those risks set out in Western Troy's
public documents filed on SEDAR. Although Western Troy believes
that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable,
undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can
be given that such events will occur in the disclosed time frames
or at all. Western Troy disclaims any intention or obligation to
update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, other than
as required by law.
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SOURCE Cobalt Power Group Inc