VANCOUVER, BC / ACCESSWIRE / January 29, 2020 / FANDOM SPORTS Media Corp. (CSE:FDM) (OTCQB:FDMSF) (FRANKFURT:TQ42) ("FANDOM SPORTS" or the "Company"), announces that the Company's board of directors has approved and the Company will be completing a share consolidation on the basis of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the "Consolidation").
In relation to the share consolidation, the Company has reserved new CUSIP and ISIN which are: 30710L200 and CA30710L2003, respectively. There is no name change or stock symbol change in connection with the Consolidation.
February 7, 2020 was fixed as the record date for the Consolidation. The Consolidation is subject to the approval by the Canadian Securities Exchange. The details of trading with respect to the Consolidation will be announced by a separate news release.
Currently there are 161,677,336 common shares issued and outstanding and after the Consolidation there will be approximately 16,167,734 common shares issued and outstanding. The Company will not be issuing fractional post-Consolidation common shares to shareholders in connection with the Consolidation. Each fractional share remaining after conversion that is less than 1/2 of a share will be cancelled and each fractional share that is at least 1/2 of a share will be changed to one whole share.
A letter of transmittal with respect to the Consolidation will be mailed to registered shareholders of the Company. All registered shareholders with physical certificates will be required to send their respective certificates representing pre-consolidated common shares along with a completed letter of transmittal to the Company's transfer agent, Computershare Trust Company of Canada ("Computershare"), in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal will be available on SEDAR.com under the profile of the Company. All shareholders who submit a duly completed letter of transmittal along with their respective pre-consolidated common share certificate(s) to Computershare, will receive a post-consolidation share certificate.
Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name, will not need to complete a letter of transmittal.
The exercise or conversion price and the number of common shares issuable under any of the Company's outstanding warrants and stock options will be proportionately adjusted to reflect the consolidation in accordance with their respective terms thereof.
About FANDOM SPORTS:
"PLAY. PREDICT. GET REWARDED."
FANDOM SPORTS Media is an entertainment company that aggregates, curates and produces unique fan-focused content.
The FANDOM SPORTS App is the Company's core product, which is the ultimate destination for unfiltered raw sports talk. The app allows passionate sports fans to unleash their primal sports passions, pick fights and earn rewards.
For additional Information:
Email: [email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy and accuracy of this information. This news release may contain forward-looking statements. These forward-looking statements do not guarantee future events or performance and should not be relied upon. Actual outcomes may differ materially due to any number of factors and uncertainties, many of which are beyond the Company's control. Some of these risks and uncertainties may be described in the Company's corporate filings (posted at www.sedar.com).
The Company has no intention or obligation to update or revise any forward-looking statements due to new information or events. This press release contains forward-looking statements about FANDOM SPORTS. Forward-looking statements may be identified by the use of words like "believe," "expect," "anticipate," "estimate," "plan," "consider," "project," and similar references to the future. Forward-looking statements reflect FANDOM SPORTS' good-faith evaluation of information available at the time the forward-looking statements were made. These forward-looking statements are subject to a number of risks and uncertainties, and our actual results may differ materially from those projected. Please refer to FANDOM SPORTS' annual and quarterly reports filed on SEDAR for a full discussion of those risks and uncertainties we view as most important. Forward-looking statements are not, and should not be relied upon as, a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at or by which any such performance or results will be achieved. As a result, actual outcomes and results may differ materially from those expressed in forward-looking statements. We undertake no obligation to update or revise forward-looking statements.
SOURCE: FANDOM SPORTS