Sceptre Ventures Announces Proposed Share Consolidation
It is anticipated that the Consolidation will reduce the number of outstanding Shares from 24,016,477 Shares to approximately 2,401,648 Post-Consolidated Shares, subject to adjustment for rounding. The board of directors of the Company believes that the Consolidation will both enhance the marketability of the Company as an investment and better position the Company to raise the funds necessary to execute the Company's business plan. The Consolidation is subject to approval by the TSX Venture Exchange (the 'Exchange').
The Company does not intend to change its name or its current trading symbol in connection with the proposed Consolidation. The effective date of the Consolidation will be announced in a subsequent news release.
No fractional Post-Consolidated Shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a Post-Consolidated Share will be rounded up to the nearest whole number of Post-Consolidated Shares and no cash consideration will be paid in respect of fractional Shares.
The exercise price and number of Shares of the Company issuable upon the exercise of outstanding options and warrants will be proportionally adjusted upon the implementation of the proposed Consolidation in accordance with the terms thereof.
About Sceptre Ventures Inc.
Sceptre Ventures Inc. is a Capital Pool Company ('CPC') within the meaning of the policies of the TSX Venture Exchange and has not commenced commercial operations and has no assets other than cash. Sceptre is currently engaged in identifying and evaluating businesses and assets with a view to completing a Qualifying Transaction under the TSXV's CPC policy.
For Further Information:
Kevin Bottomley, Chief Executive Officer
Suite 1450-789 West Pender Street
Vancouver, BC, V6C 1H2, Canada
Tel: 604-681-1568
Email: [email protected]
FORWARD LOOKING INFORMATION
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as 'expects', 'intends', 'plans', 'may', 'could', 'potential', 'should', 'anticipates', 'likely', 'believes' and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include statements about the Consolidation, its terms, and its anticipated benefits, receipt of approval for the Consolidation from the Exchange and that the Company will complete the Consolidation. These forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied, including, without limitation, that the Company may not use the gross proceeds as initially contemplated. Readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. The Company cannot assure that actual events, performance or results will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements reflect current expectations regarding future events and operating performance and speak only as of the date hereof and the Company does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. For the reasons set forth above, readers should not place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Sceptre Ventures Inc.
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