Toronto, Ontario--(Newsfile Corp. - January 14, 2020) - Eurotin Inc. (TSXV: TIN) ("Eurotin" or the "Company") announces that it has now completed the final step in its transaction with Elementos Limited (ASX: ELT) ("Elementos") and, consequently, the one billion convertible redeemable preference shares ("CRPS") of Elementos previously issued to Eurotin's shareholders have now been converted into common shares of Elementos.
As previously announced in a press release dated January 4, 2019, the Company completed a plan of arrangement (the "Plan") with Elementos pursuant to which Eurotin agreed to transfer to Elementos 100% of the issued and outstanding securities in MESPA. In consideration for that, Elementos issued one billion CRPS which were distributed pro-rata to Eurotin's shareholders as described in Eurotin's management information circular dated November 5, 2018 a copy of which is available under the Company's profile at . Holders of common shares of Eurotin as of December 31, 2018 received their pro-rata portion of the CRPS resulting in the issuance of 9.368442207560235 CRPS for every common share of Eurotin held by a Eurotin shareholder (the "Distribution Ratio").
Eurotin shareholders need not take any additional action with respect to their entitlements. Financial intermediaries that hold CRPS on behalf of Eurotin shareholders will receive the Elementos common shares directly from Elementos' transfer agent in Australia, Boardroom Pty Ltd ("Boardroom") and such intermediaries will be responsible for the proper distribution of the CRPS to their respective clients according to the Distribution Ratio. Eurotin Shareholders or financial intermediaries acting on behalf of Eurotin shareholders may contact Boardroom to inquire about the distribution of the Elementos common shares at:
Boardroom Pty Limited
Level 12, 225 George Street, Sydney NSW 2000
GPO Box 3993, Sydney NSW 2001
1300 737 760 (within Australia)
(outside Australia)
Forward-Looking Statements
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding completion of the Arrangement are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only update or revise publicly any of the included forward-looking statements as expressly required by Canadian securities law.
For further information please contact:
Eurotin Inc.
Mark Wellings
President and CEO
416-616-0345
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.
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