Hi-View Resources' Bold Move for Future Growth
Hi-View Resources Inc. (CSE: HVW; OTCQB: HVWRF; FSE: B63) has announced an important corporate initiative aimed at streamlining its structure to foster growth. The company intends to consolidate its common shares on an 8-old-for-1-new share basis, a strategic decision that underscores its commitment to developing its substantial mineral holdings.
Details of the Share Consolidation
As part of this consolidation plan, Hi-View expects its current shares to be reduced to approximately 4,840,060 following the consolidation. It’s key to understand that no fractional shares will be issued as a result of this action. Any fractional share less than half a share will be canceled while any fractional share that is at least half will be rounded up to the next whole share. Additionally, any outstanding stock options and convertible instruments will also experience proportional adjustments after the consolidation is complete.
The Process Ahead
A detailed letter of transmittal will be dispatched to registered shareholders to guide them through exchanging their old share certificates for the new post-consolidation ones. Until these certificates are surrendered, existing shares will still be deemed valid, thereby ensuring holders retain their rights in the interim. Non-registered shareholders are encouraged to consult their brokers for more instructions regarding this process.
R. Nick Horsley on the Company’s Vision
R. Nick Horsley, CEO of Hi-View, shared insights regarding the company's direction: “After extensive discussions with key financial institutions, we are embarking on this share consolidation to facilitate the development of our Toodoggone holdings. Our land package spans nearly 10,000 hectares, which requires significant investment for exploration and drilling to unlock its full potential. This restructuring is a proactive step to attract the capital needed for our project, which we believe is crucial for creating substantial shareholder value as we are located near one of the most notable discoveries in the sector.”
Strategic Importance of the Consolidation
The Board of Directors firmly believes that the share consolidation will significantly enhance Hi-View's capabilities in pursuing corporate development and financing opportunities moving forward. It’s worth noting that this action will not coincide with a name change, demonstrating the company’s desire to maintain its identity while fostering growth.
Upcoming Changes and Trading Timeline
The record date for the consolidation has been set. Trading of the newly consolidated shares on the Canadian Securities Exchange is anticipated to commence shortly after the record date. The company will change its CUSIP and ISIN numbers, but both its name and stock symbol will remain the same, ensuring continuity for investors.
Understanding Hi-View Resources Inc.
Hi-View Resources is a dynamic mineral exploration company dedicated to the acquisition and development of mineral resources in Canada. Through its subsidiary, the company holds a 100% stake in the Babine BC Copper-Gold property, along with interests in several other promising claims in the Toodoggone region, which is recognized for its potential in gold, silver, and copper mining. Collectively, these holdings cover over 9,749 hectares, signifying a robust portfolio poised for future exploration.
Contact and Further Information
For more information regarding Hi-View Resources and its initiatives, please reach out to:
Hi-View Resources Inc.
Howard Milne - President
Email: hdmcap@shaw.ca
Telephone: (604) 377-8994
Website: www.hiviewresources.com
Frequently Asked Questions
What is the reason behind Hi-View Resources’ share consolidation?
The consolidation is aimed at enhancing the company's ability to attract capital for the exploration and development of its mineral properties, particularly in the Toodoggone region.
What will be the new proportion of shares after the consolidation?
After the consolidation, each shareholder will receive one new share for every eight shares they currently own.
How does the consolidation affect my existing shares?
Existing shares will be converted into a lesser number of new shares as per the consolidation ratio, ensuring no fractional shares are left without resolution.
When will the consolidated shares begin trading?
The trading of the newly consolidated shares is expected to begin shortly after the record date, which has been established.
How can I get more information regarding this process?
Shareholders should refer to the detailed letter of transmittal that will be sent or contact their brokers for clarification and additional information.
