News Release
Cub Energy Inc. Completes Reorganization of Capital,
Name Change and Share Consolidation
Calgary, Alberta – December 30, 2022 – Carcetti Capital Corp. (formerly Cub Energy Inc.) (“Cub” or
the “Company”) (NEX: KUB.H), is pleased to announce that further to its news release on December
19, 2022, the Company has completed the reorganization of the Company’s share capital to permit
the Company to pay a special cash distribution of $0.03 per share to shareholders of record as at
December 23, 2022 (the “Special Distribution”).
Shares traded in the market subsequent to the record date of December 23, 2022 and up to the close
of trading on December 30, 2022 were traded on a “due bills” basis in accordance with the
requirements of the TSX Venture Exchange (the “Exchange”). Shares traded during that period
retained the right to receive the value of the Special Distribution.
In connection with the Special Distribution, the Company filed articles of amendment which created a
new class of common shares (“Class B Common Shares”) and a class of preferred shares
(“Preferred Shares”) and will effect an exchange of the existing Company common shares for new
Class B Common Shares and Preferred Shares on the basis of one Class B Common Share and one
Preferred Share for every Company common share currently outstanding. Shareholders will not
receive share certificates or evidence thereof for the Preferred Shares as such shares are being
immediately redeemed, in accordance with a notice from the Company provided by way of this news
release (for greater certainty, this news release serves as notice of the redemption of the Preferred
Shares), in exchange for the Special Distribution.
The Special Distribution will be paid to shareholders of record on or about January 5, 2023.
Disclaimer:
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