Burlington, Ontario--(Newsfile Corp. - January 14, 2019) - Further to its January 6, 2019 press release, Getchell Gold Corp. (CSE: GTCH) ("Getchell Gold" or the "Company") reconfirms to shareholders that the share consolidation (the "Consolidation") of Getchell Gold's issued and outstanding common shares (the "Common Shares") was announced October 29, 2018. The Consolidation was on the basis of one (1) post-Consolidation Common Share for every six (6) pre-Consolidated Common Shares held by Getchell Gold (formerly Wabi) shareholders. The Consolidation was not processed for the reasons presented in the January 6, 2019 press release.
Prior to the resumption of trading on December 3, 2018, the Company completed a treasury issuance (the "Share Issuance") to the former Buena Vista Gold Inc. shareholders on a post-Consolidated basis (1:1); pursuant to the acquisition of Buena Vista Gold Inc. as approved at the Annual and Special meeting of Shareholders of the Company held on October 26, 2018. The Share Issuance was completed under Getchell Gold's pre-consolidation security identifier erroneously and as a result some of these certificates were deposited by dealers to their accounts at the Canadian Depository for Securities ("CDS") under the pre-consolidated security identifier. A trading halt was issued on December 18, 2018 to protect the integrity of the market.
CDS has advised the Company that during the halt trade period, CDS identified the erroneous deposits made from November 3, 2018 through December 18, 2018 and on January 6, 2019 corrected the erroneous deposits to reflect pre-Consolidation positions under the pre-Consolidation security identifier and immediately thereafter, processed the consolidation.
All buyers of Common Shares during the December 3 through 18, 2018 trading period are encouraged to check their respective brokerage accounts to determine if their purchased Common Shares were consolidated on a 1-for-6 basis after the purchase. The Canadian Depository for Securities (CDS) will provide additional transaction detail to the brokers upon request.
Getchell Gold expects the halt trade on the Common Shares to be lifted on or about Tuesday, January 15, 2019.
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.
