TORONTO, ONTARIO--(Marketwire - April 20, 2011) - Primary Corp. (TSX VENTURE:PYC) ("Primary" or the "Company") announced today that it completed the consolidation of its outstanding common shares on April 19, 2011 on the basis of one post-consolidation common share for every five pre-consolidation common shares held. The Company expects that its common shares will begin trading on the Toronto Stock Exchange on a post-consolidation basis effective as of the opening of trading on Monday, April 25, 2011.
The consolidation was approved by shareholders of Primary at the Company's annual and special meeting of shareholders held on April 19, 2011. The 32,252,082 pre-consolidation common shares of Primary outstanding immediately prior to the consolidation have been reduced to approximately 6,450,416 post-consolidation common shares of the Company. The outstanding stock options of the Company were similarly adjusted, and 455,500 common shares are reserved for issuance pursuant to outstanding stock options of the Company.
Letters of transmittal relating to the consolidation will be mailed to all registered shareholders on or about April 20, 2011. All registered shareholders of Primary will be required to send their certificates representing pre-consolidation common shares with a properly executed letter of transmittal to the Company's transfer agent, Computershare Investor Services Inc. ("Computershare") in Toronto, Ontario, in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal may be obtained through Computershare Shareholder Services: 1-800-564-6253. All registered shareholders who duly complete letters of transmittal and submit their pre-consolidation share certificates to Computershare will receive post-consolidation common share certificates. No fractional post-consolidation common shares will be issued pursuant to the consolidation. Any fractional share comprising less than one share will be deemed to have been cancelled without any repayment in respect thereof.
Details of the share consolidation are set forth in Primary's management information circular which was mailed to shareholders on March 18, 2011 and filed on SEDAR (www.sedar.com).
About Primary Corp.
Primary Corp. trades on the TSX Venture Exchange under the symbol PYC. Primary recently announced that it intends to shift its business strategy to focus on natural resource lending. Primary's business will be primarily directed to investing in public and private debt securities of and making term loans (including bridge and mezzanine debt) to issuers in a broad range of natural resource sectors, including energy, base and precious metals and other commodities, and issuers involved in exploration and development, and may also include financing other resource-related businesses and investing in public and private equity and quasi-equity securities. Primary will seek to generate income primarily from its lending activities, while taking advantage of additional upside through equity participation in the companies which it finances.
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Forward-Looking Information:
This news release contains certain information that may constitute forward-looking information under applicable Canadian securities laws, including but not limited to the listing of the common shares of Primary on the TSX. The reader is cautioned not to place undue reliance on forward‐looking information. Assumptions used in the preparation of such information, although considered reasonable by Primary at the time of preparation, may prove to be incorrect. These assumptions include but are not limited to no material adverse change occurring in Primary's business or affairs. Factors that could cause the forward-looking information to differ materially in actuality include the failure of Primary to obtain final approval of the TSX for the list of the common shares, risks typical of operating in the financial industry and general market risk. More information about the risks and uncertainties affecting Primary can be found in Primary's filings posted on SEDAR at www.sedar.com. Primary does not undertake any obligation to update forward‐looking information if circumstances or management's estimates or opinions should change, except in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact Information:
Robert Pollock
Chief Executive Officer
416.214.9672