Core One Labs Announces Effective Date of Share Consolidation
VANCOUVER, BC / ACCESSWIRE / July 7, 2020 / Core One Labs Inc. (COOL.CN) (CLABF) (Frankfurt: LD6, WKN: A14XHT) (the “Society“) is pleased to announce that its common shares will begin trading on a post-consolidated basis at the opening of markets on July 9, 2020 under the existing ticker symbol” COOL “.
As previously announced, the Company consolidates (the “Consolidation“) its ordinary share capital in circulation on the basis of two (2) pre-Consolidation shares for each (1) post-Consolidation share. As of the date of this press release, the Company has 79,081,741 ordinary shares issued and outstanding . Following the completion of the Combination, it is expected that the Company will have approximately 39,540,871 common shares issued and outstanding, not including rounding adjustments for fractions resulting from the Combination. Options and warrants will be proportionately adjusted. the completion of the Consolidation in accordance with its terms.
The Consolidation will be completed by means of a “pushout”, without a cover letter. At the end of the Combination, all share certificates prior to the Combination will be considered null and void and the registered shareholders of the Company will receive Direct Registration Notice (DRS) statements regarding the number of post-consolidation shares. combination held by these registered shareholders. Shareholders holding shares through brokers, banks or other intermediaries should consult their broker, bank or any other intermediary regarding their post-merger holdings.
The Company also announces that at the end of the Consolidation, it will grant a series of 2,100,000 stock options (each, a “Option“) to certain consultants and employees of the Company. Each option will vest immediately upon grant and may be exercised to acquire one common share of the Company after the Combination, at a price of $ 0.67 per share, for a period of sixty months.
About Core One Labs Inc.
Core One Labs Inc. is a technology company that licenses its technology to a state-of-the-art production and packaging facility located in Southern California. The company’s technology produces infused strips (like breathing strips) which are not only a safer and healthier option compared to other forms of administration, but also superior bioavailability of the constituents of cannabis. Some bands will also include additional co-active ingredients such as nutraceuticals, vitamins, and peptides. The technology offers a new way to accurately measure the dosage and ensure the purity of the selected product.
Core One Labs Inc.
Chief Executive Officer
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The Canadian Securities Exchange has not reviewed and accepts no responsibility for the adequacy or accuracy of the contents of this press release.
The information contained in this press release contains forward-looking statements based on assumptions as of the date of this press release. These statements reflect the current estimates, beliefs, intentions and expectations of management. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond the control of the Company. These factors include, among others: risks and uncertainties associated with the Company’s limited operating history and the need to comply with environmental and government regulations. Additionally, marijuana remains a Schedule I drug under the United States Controlled Substances Act of 1970. Although Congress has prohibited the United States Department of Justice from spending federal funds to interfere with implementation of state medical marijuana laws, this ban must be renewed annually to remain in effect. Therefore, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Unless required by applicable securities legislation, the Company assumes no obligation to publicly update or revise forward-looking information.
THE SOURCE: Core One Labs Inc.
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