Spearmint Announces Share Consolidation and Name Change and Symbol Change
Rhea-AI Summary
Spearmint Resources (OTC:SPMTF) has announced a significant corporate restructuring effective June 30, 2025. The company will implement a 1-for-10 share consolidation, reducing its outstanding shares from 287,828,583 to approximately 28,782,858. Additionally, the company will undergo a name change to Adelayde Exploration Inc. and change its trading symbol to "ADDY" on the Canadian Securities Exchange.
The restructuring includes proportional adjustments to outstanding options, warrants, and convertible debentures. The company has also appointed Nancy Chow as Chief Financial Officer, replacing Cindy Cai.
Positive
- None.
Negative
- None.
Vancouver, British Columbia--(Newsfile Corp. - June 24, 2025) - Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5), (the "Company" or "Spearmint") announces that, further to the Company's news release dated May 27, 2025, the consolidation of the Company's issued and outstanding common shares (the "Shares") on the basis of one new Share (a "Post-consolidated Share") for every ten currently outstanding Shares (the "Consolidation") will be effective at the opening of the market on June 30, 2025. The Company also announces it will change its name to "Adelayde Exploration Inc." (the "Name Change") and change its trading symbol on the Canadian Securities Exchange (the "Exchange") to "ADDY" (the "Symbol Change") in connection with the Consolidation. Pursuant to the provisions of the Business Corporations Act (BC) and the articles of the Company, the Consolidation, the Name Change and the Symbol Change were approved by way of resolution passed by the board of directors of the Company.
Effective June 30, 2025, the Shares of the Company will commence trading under the new trading symbol "ADDY" on the Exchange. The Company's name will change to Adelayde Exploration Inc. following the Consolidation. The new CUSIP number will be 006813109 and the new ISIN will be CA0068131097 for the Post-consolidated Shares. The Company currently has 287,828,583 common shares issued and outstanding, and after the Consolidation is effective there will be approximately 28,782,858 common shares issued and outstanding.
No fractional Post-consolidated Shares will be issued as a result of the Consolidation. As required under the Business Corporations Act (BC), any fractional Shares remaining after the Consolidation that are less than one half of a Share will be cancelled and any fractional Shares that are at least one half of a Share will be rounded up to one whole Share. Registered shareholders of record as of the effective date who hold physical share certificates will receive a letter of transmittal from the Company's transfer agent, Computershare Investor Services Inc., with instructions on how to exchange for new share certificates representing Post-consolidated Shares. Beneficial shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their own names will not be required to complete a letter of transmittal.
The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants and conversion of outstanding convertible debentures, will be proportionally adjusted upon the implementation of the Consolidation in accordance with the terms thereof.
The Company is pleased to announce the appointment of Nancy Chow as Chief Financial Officer, following the resignation of Cindy Cai. The Company thanks Ms. Cai for her contributions to the Company.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information
Tel: 1604646-6903
www.spearmintresources.ca
info@spearmintresources.ca
"James Nelson"
President
Spearmint Resources Inc.
Forward Looking Statements
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that the Company intends to consolidate its share capital. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include that the Company may not obtain approval for the Consolidation from the Exchange. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/256667
FAQ
What is the new share consolidation ratio for Spearmint Resources (SPMTF)?
When will Spearmint Resources (SPMTF) begin trading under its new name and symbol?
How many shares will Spearmint Resources have outstanding after the consolidation?
What happens to fractional shares after Spearmint's share consolidation?
What are the new CUSIP and ISIN numbers for Adelayde Exploration (formerly Spearmint)?
