Vancouver, BC / ACCESSWIRE / June 12, 2014 / Viridis Energy Inc. ("Viridis" or the "Company") (TSXV: VRD) (OTC:VRDSF), ") announces that it has received approval from the TSX Venture Exchange regarding the consolidation of the Company's issued and outstanding common shares, on the basis of ten (10) old shares being consolidated into one (1) new common share. Effective at the opening of trading on Monday, June 16, 2014, the Company's common shares will trade on a post-consolidated basis. The Company's CUSIP and ISIN numbers will change to 928232206 and CA 9282322069, respectively, however the Company's name and trading symbol will not change in conjunction with the share consolidation.
Before the consolidation, the Company has 138,451,883 outstanding common shares and outstanding options and warrants to purchase a total of 10,990,486 additional common shares at prices ranging from $0.10 to $0.40 per share. Following the 10-for-1 share consolidation, there will be 13,845,188 outstanding common shares, and options and warrants to purchase a total of 1,099,048 additional common shares at prices ranging from $1.00 to $4.00 per share.
At the Company's annual general and special meeting held on June 3, 2014, the Company's shareholders approved the share consolidation. The purpose of the share consolidation is to facilitate the Company's ability to attract future financings and transactions for the Company.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Viridis Investor Contact:
Yvonne L. Zappulla
Grannus Financial Advisors, Inc.
Chief Financial Officer
Viridis Energy Inc
About Viridis Energy Inc.
Viridis Energy Inc. (TSXV:VRD) (OTC:VRDSF) is a publicly traded, "Cleantech" manufacturer and distributor of renewable energy providing wood waste biomass fuel to global residential and industrial markets. Located in Vancouver, B.C., Viridis Energy operates Viridis Merchants (Canada) Ltd., Okanagan Pellet Company, Scotia Atlantic Biomass Company and Viridis Merchants Inc., thus providing the company with vertical integration for distribution and manufacturing as well as coast to coast national presence. For more information on Viridis Energy Inc. please refer to the company website at www.viridisenergy.ca.
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future operations. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a continued downturn in general economic conditions in North America and internationally, (2) the inherent uncertainties associated with the demand for biofuels, (3) the risk that the Company does not execute its business plan, (4) inability to finance operations and growth (5) inability to finance the start-up operations in Nova Scotia in a timely manner (6) inability to retain key management and employees, (7) an increase in the number of competitors with larger resources, and (8) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company intends to update such forward looking information in the Company's MD&A in the event that actual results differ materially from such forward-looking statements contained herein. Additional information about these and other assumptions, risks and uncertainties are set out in the "Risks and Uncertainties" section in the Company's MD&A filed with Canadian securities regulators.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release