Burlington, Ontario--(Newsfile Corp. - January 6, 2019) - During the trading halt pending a Fundamental Change, Wabi Exploration Inc. (Wabi) announced a name change to Getchell Gold Corp. (CSE: GTCH) ("Getchell Gold" or the "Company"). The Canadian Securities Exchange ("CSE") published Bulletin 2018-0818 which included a new CUSIP and ISIN for Getchell Gold.
The Fundamental Change transaction was effected on November 6, 2018, which included a share consolidation (reverse stock split) (the "Consolidation") of Getchell Gold's (formerly Wabi) issued and outstanding common shares (the "Common Shares") on the basis of one (1) post-Consolidation Common Share for every six (6) pre-Consolidation Common Shares. Following the Consolidation, the number of post-Consolidation Getchell Gold Common Shares outstanding was to be 3,660,680.
Due to certain procedural errors and notwithstanding the disclosure made by the Company, the Consolidation was not announced by the CSE and not processed by the Canadian Depository for Securities ("CDS"). This led some shareholders to believe they had a larger share position in the Company than was in fact the case. The former Buena Vista Gold Inc. (BVG) shareholders share positions had already been consolidated on a 1 for 4 basis and were not to be affected by the consolidation described above.
Trading in the Getchell Gold Common Shares resumed on the Canadian Securities Exchange (the "CSE") on December 3, 2018. Trading was halted on December 18, 2018 to protect the integrity of the market.
In addition, Getchell has been advised by CDS that prior to the resumption of trading on December 3, 2018, several deposits to CDS were made under Getchell Gold's pre-consolidation CUSIP that were post-Consolidation share amounts. CSE and CDS have confirmed that all trades between December 3, 2018 and December 18, 2018 were executed on a pre-Consolidated basis.
As disclosed by Getchell Gold on November 13, 2018 and in prior filings, the Fundamental Change transaction also included closing on a Plan of Arrangement with Buena Vista Gold Inc., following which closing the total number of post-Consolidation Common Shares issued and outstanding was 28,690,664.
The CSE has published a bulletin with the new CUSIP and ISIN, and CDS will make necessary corrections to the deposits, then process the Consolidation. The Company's transfer agent has confirmed it will work with CDS to ensure that no shares intended to be issued on a post-consolidation basis will affected by the corrective Consolidation. Getchell Gold expects trading will resume on a post-Consolidated basis sometime next week.
Information on the Company's exploration of its Nevada assets can be found on the Company's website at .
For further information contact:
William Wagener, CEO
Peter M. Clausi, President
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.
This news release contains certain statements that constitute forward-looking statements as they relate to the Company and its management. Forward-looking statements are not historical facts but represent management's current expectation of future events, and can be identified by words such as "believe", "expects", "will", "intends", "plans", "projects", "anticipates", "estimates", "continues" and similar expressions. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that they will prove to be correct.
By their nature, forward-looking statements include assumptions and are subject to inherent risks and uncertainties that could cause actual future results, conditions, actions or events to differ materially from those in the forward-looking statements. If and when forward-looking statements are set out in this new release, the Company will also set out the material risk factors or assumptions used to develop the forward-looking statements. Except as expressly required by applicable securities laws, the Company assumes no obligation to update or revise any forward-looking statements. The future outcomes that relate to forward-looking statements may be influenced by many factors, including, but not limited to: reliance on key personnel; risks of future legal proceedings; income tax matters; availability and terms of financing; distribution of securities; effect of market interest rates on price of securities, and potential dilution.
