TORONTO, ONTARIO--(Marketwired - June 21, 2016) - Brownstone Energy Inc. (CSE:BWN) ("Brownstone" or the "Company") today announces that it intends to file articles of amendment to consolidate the Company's issued and outstanding common shares on the basis of one (1) new common share for every ten (10) existing common shares (the "Consolidation"), and to change the name of the Company to "ThreeD Capital Inc." (the "Name Change"), all effective as of June 27, 2016. Shareholder approval of the Consolidation and Name Change was obtained at the Company's annual and special meeting of shareholders held on February 4, 2016.
In connection with the Consolidation and Name Change, the Company will send letters of transmittal to holders of its common shares for use in transmitting their share certificates to the Company's registrar and transfer agent, TMX Equity Transfer Services, in exchange for new certificates representing the Name Change and the number of post-Consolidation common shares to which such shareholder is entitled as a result of the Consolidation and Name Change. No delivery of a certificate evidencing the Name Change and Consolidation will be made to a shareholder until the shareholder has surrendered its current issued certificates.
As at June 21, 2016, it is anticipated that there will be 12,979,428 common shares of the Company issued and outstanding immediately following the Consolidation. The common shares of the Company as adjusted to give effect to the Name Change and Consolidation are expected to commence trading on the Canadian Securities Exchange effective as of June 23, 2016 under the new stock symbol "IDK".
Brownstone Energy Inc. is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources, technology and biotechnology markets.
Forward-Looking Statements - This news release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are inherently uncertain, are based on estimates and assumptions, and are subject to known and unknown risks and uncertainties (both general and specific) that contribute to the possibility that the future events or circumstances contemplated by the forward-looking statements will not occur, including the effective date of trading of the common shares of the Company on a post-Consolidation and post-Name Change basis. Although Brownstone believes that the expectations reflected in the forward-looking statements contained in this press release, and the assumptions on which such forward-looking statements are made, are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause Brownstone's actual activities and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. The forward-looking statements contained in this news release are made as of the date hereof and Brownstone does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.