Jagercor Energy Corp. announces name change, share consolidation and disposition of shares of its controlled company in Argentina
24.07.2018 | vom Unternehmen
Vancouver, July 24, 2018 - Jagercor Energy Corp. (JEM:CSE) (the "Company" or "Jagercor") advises that it will be changing its name to Gelum Capital Ltd. and consolidating the Company’s common shares on a 20:1 basis. This is part of the Company’s restructuring, to explore new business alternatives.Under the consolidation, 20 existing common shares will be consolidated into one (1) new common share (the "Consolidation"). The Company currently has 94,548,491common shares issued and outstanding which will be reduced to approximately 4,727,424common shares. Where the exchange results in a fractional share: if less than one-half, the number of Gelum Capital Ltd. common shares will be rounded down to the nearest whole common share; or, if equal to or greater than one-half, the number of Gelum Capital Ltd. common shares will be rounded up to the nearest whole common share. The Company’s Board of Directors approved the Consolidation, as permitted by the Company’s Articles and the Business Corporations Act (British Columbia).
Effective on or about July 30, 2018; the Company's CUSIP number and ISIN will be 36854A108 and CA36854A1084, respectively. Shareholders of the Company will receive a transmittal letter from Computershare Investor Services Inc., the Company’s registrar and transfer agent, with instructions on how to exchange Jagercor shares for new shares of Gelum Capital Ltd.
In line with the abovementioned restructuring, to allow the Company to move forward, free from the constraints and restrictions of the indebted Argentina subsidiary, and also due to the uncertainty and instability of the Argentine market as well as the high tax burden for this type of business, The Company announces that it has sold the shares in its controlled company, releasing Jager Energía Argentina SA. The shares were sold to a director of the Company for nominal consideration, on an as-is where-is basis, in acknowledgement of the indebtedness of JEA. And connected to the restructuring, it has also terminated its previously announced transaction with Energia Compania Petrolera S.A.
On behalf of the Board of Directors
JAGERCOR ENERGY CORP.
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