Toronto, Ontario--(Newsfile Corp. - December 1, 2023) - Steep Hill Inc. (CSE: STPH) (the "Company") announces that it will be effecting a share consolidation of its issued and outstanding common shares ("Common Shares") on a one (1) post-consolidation Common Share for every fifteen (15) pre-consolidation Common Shares (the "Consolidation"). Shareholders of the Company approved the Consolidation at the Company's annual and special shareholder meeting held on July 28, 2023.
In relation to the Consolidation, the Company has obtained a new CUSIP (85832P208) and ISIN (CA85832P2089). There is no name change or stock symbol change in connection with the Consolidation.
The Consolidation is subject to the approval of the Canadian Securities Exchange (the "CSE"). The Company's common shares are expected commence trading on the CSE on a consolidated basis on or about market open on December 8, 2023 under the Company's existing symbol "STPH".
The Consolidation will reduce the number of outstanding Common Shares from 242,844,610 to approximately 16,189,640. The exercise or conversion price and the number of Common Shares issuable under any of the Company's outstanding stock options or Common Share purchase warrants will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional shares that would have otherwise been issued will be rounded down to the nearest whole number.
Letters of transmittal with respect to the Consolidation will be mailed to registered shareholders of the Company. All registered shareholders with physical certificates will be required to send their respective share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Capital Transfer Agency ULC, in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company or other intermediary should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation.
ABOUT STEEP HILL
Steep Hill is in the process of restructuring its business and is exploring strategic alternatives.
For further information, please contact:
Sameet Kanade, CEO
Email: sameet.kanade@steephill.com
647-876-6525
Notice Regarding Forward-Looking Information
The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward-looking statements. Forward-looking statements in this news release include, but are not limited to, management's expectations with respect to the potential of the Transaction to contribute to the Company's growth. These statements are based upon assumptions that are subject to significant risks and uncertainties, including assumptions about the operations, financial condition and future performance of Steep Hill and the Company's business as a whole. Although the Company considers these assumptions to be reasonable based on information currently available to them, they may prove to be incorrect, and the forward-looking statements in this news release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including the impact of the ongoing COVID-19 pandemic on the Company's operations and growth plans. Although the Company's management believes that the expectations reflected in forward-looking statements are reasonable, the Company can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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