Vancouver, British Columbia – July 22, 2024 ‐ Argo Living Soils Corp. (CSE: ARGO) (OTC Pink: ARLSF) announces that its board of directors has approved a share consolidation (the “Consolidation”) of the common shares in the capital of the Company at a ratio of two (2) pre-Consolidation common shares for one (1) post-Consolidation common share.
Effective at the opening of trading on July 26, 2024 (the “Effective Date”) the common shares of the Company (the “Shares”) will commence trading on the Canadian Securities Exchange on a consolidated basis.
As a result of the Consolidation, on the Effective Date, the number of issued and outstanding Shares will be reduced from the current 27,008,001 outstanding Shares to approximately 13,504,000 Shares, subject to rounding. No fractional shares will be issued. The number of post-Consolidation Shares to be issued to shareholders will be rounded up to the nearest whole number for fractions of 0.5 or greater or rounded down to the nearest whole number for fractions of less than 0.5, and no cash consideration will be paid in respect of fractional shares.
The exercise or conversion price and the number of Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted to reflect the Consolidation on the Effective Date. As a result of the Consolidation, approximately 5,964,000 post-Consolidation Shares will be reserved for issuance on exercise of the Company’s outstanding convertible securities.
Registered shareholders who hold Shares represented by a physical certificate will receive a letter of transmittal from the transfer agent for the Company, Odyssey Trust Company, with instructions on how to exchange their existing certificates for certificates representing post-Consolidation Shares. No action is required by registered shareholders who hold their Shares in book-entry (e.g. DRS) form and non-registered shareholders (shareholders who hold their Shares through an intermediary) to effect the Consolidation.
The Company name and trading symbol will remain unchanged after the Consolidation. The new CUSIP number will be 04018T306 and the new ISIN number will be CA04018T3064 for the post-Consolidation Shares.
The Company also announces that it has determined not to proceed with the $540,000 non-brokered private placement of units previously announced on June 19, 2024.
