Molori plans to roll back shares 1 for 4
2019-04-12 15:31 MT - News Release
Mr. Joel Dumaresq reports
MOLORI ENERGY ANNOUNCES PROPOSED SHARE CONSOLIDATION
Molori Energy Inc. will seek TSX Venture Exchange approval to consolidate all of its issued and outstanding shares on the basis of four old common shares being consolidated into one new common share. In accordance with current TSXV policies, shareholder approval will not be required for the proposed Share Consolidation. The proposed Share Consolidation has been approved by the Company's board of directors.
The proposed Share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding of 39,980,498 Common Shares to 9,995,124 Common Shares.
The Company does not intend to change its name or its current trading symbol in connection with the proposed Share Consolidation.
Management of the Company believes that the proposed Share Consolidation will better position the Company to raise the funds it requires to finance ongoing business activities.
The effective date of the Share Consolidation will be disclosed in a subsequent news release. Notwithstanding the foregoing, the board of directors may, at its discretion, determine not to effect the Share Consolidation.
About Molori
Molori Energy Inc. is an oil and gas production company with current operations in the Texas Panhandle West Field. The focus of the Company's exploration and development arm is the underdeveloped Red Cave formation, where Molori has engaged in a broad drilling program to assess and develop its acreage. Molori's business model is to deliver sustainable growth in shareholder value by focusing on exploiting its existing reserves, commercializing and developing discoveries and pursuing selective acquisitions. Molori's operating team, based in Borger, Texas have extensive experience in the oil and gas industry in the Texas Panhandle. The Company believes that the area represents a significant hydrocarbon basin in a well-developed region.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.
