Consolidation 100 to 125 May 2021 23:18
APPROVAL OF SHARE CONSOLIDATION
Consolidation
The Board considers that it is now appropriate for the Corporation to effect the consolidation on the basis of one (1) Common Share for up to one hundred (100) existing pre-consolidation Common Shares in view of the current issued and outstanding share capital and the future financing of the Corporation.
Basis of Consolidation
The Board is of the opinion that, in the future, it may be in the best interests of the Corporation to effect the 2016 Consolidation and the Second Consolidation, and such consolidations may enhance the marketability of the Common Shares and could facilitate additional financings to fund operations in the future. Accordingly, at the Meeting, Shareholders will be asked to consider and approve, with or without variation, by way of special resolution authorizing an amendment to the articles of the Corporation pursuant to subsection 173(1)(h) of the Canada Business Corporations Act ("CBCA"), to consolidate the issued and outstanding Common Shares on the basis of one (1) Common Share for up to every one hundred (100) existing pre- consolidation Common Shares (the "Share Consolidation") possibly in separate consolidations, or a lesser number should the Board so decide.
Although approval for the Share Consolidation is being sought at the Meeting, such a Share Consolidation would become effective at a date in the future to be determined by the Board