|By Marketwired .||
|June 27, 2014 05:04 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 06/27/14 -- Monarch Energy Limited ("Monarch" or the "Company") - announces that the board of directors have approved a consolidation of the issued and outstanding common shares of the Company (the "Common Shares") on the basis of a one (1) post-consolidated Common Share for each twenty (20) pre-consolidation Common Shares (the "Consolidation"). The Consolidation was approved by the shareholders at the last annual general and special meeting of the Company. The Company intends to effect the Consolidation immediately and proceed to close the acquisition of ChroMedX Ltd. on or around June 30, 2014 (the "Acquisition"), and immediately following the Acquisition submit final documentation for listing on the Canadian Securities Exchange ("CSE") (as previously announced on December 20, 2013, May 26, 2014 and June 16, 2014) (the "Transaction").
The Company currently has 101,851,860 issued and outstanding common shares and the Company will have approximately 5,092,593 common shares issued and outstanding post-consolidation and pre-Acquisition. The exact number of post-consolidated common shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated.
The Company will not be changing its name at this time, however, upon completing the listing of the Common Shares on the CSE the trading symbol in connection with the Acquisition will be CHX and the Company will seek to change its name at the next annual and special meeting to "ChroMedX Ltd.", or such other name as the board of directors determine.
A Letter of Transmittal with respect to the Consolidation will be mailed to the shareholders of the Company describing the process by which shareholders may obtain new certificates representing their post-consolidated Common Shares.
The Company also announces that its Common Shares are now delisted from the TSXV and the Company will now proceed to complete the conditions to listing its Common Shares on the CSE. The Company expects to list on the CSE on or around July 7, 2014.
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.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV and the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
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