Mark Jarvis, CEO of Shoal Point Energy Ltd. is pleased to announce that the Company's common shares will begin trading on a post-consolidated basis at the opening of the market on April 3, 2023 under the existing trading symbol "SHP".
As previously announced, the Company will be consolidating (the "Consolidation") its outstanding common share capital on the basis of two (2) pre-Consolidation shares for one (1) post-Consolidation share. No fractional shares will be issued pursuant to the Consolidation and any fractions will be rounded to the nearest whole number. As of the date of this news release, the Company has 90,703,141 common shares issued and outstanding. Following completion of the Consolidation, it is anticipated that the Company will have approximately 45,351,570 common shares issued and outstanding.
A Letter of transmittal describing the process by which shareholders may obtain new certificates representing their post-consolidated common shares will be mailed to registered shareholders.