CALGARY, Alberta, Jan. 15, 2021 — DIVERGENT Power Products and services Corp. (DVG: TSX-V) (“Divergent”, the “Business“, or “DVG”) is pleased to announce that following the beforehand announced shareholder approval at its exclusive assembly of shareholders on December 28, 2020 for the consolidation of its issued and excellent common shares (the “Shares”) on the basis of 10 (10) pre-consolidation Shares for just one (1) write-up-consolidation Share (the “Consolidation”), it has received conditional approval from the TSX Enterprise Exchange (the “TSX-V”) for the Consolidation and will file articles or blog posts of amendment applying the Consolidation.
The Shares will carry on to be detailed on the TSX-V beneath the image “DVG”, and the Shares are anticipated to get started investing on a post-Consolidation basis on the TSX-V on or about January 19, 2021. Following the Consolidation, the new CUSIP selection for the Shares is 255051203 and the new ISIN for the Shares is CA2550512032.
As a result of the Consolidation, the 186,298,848 Shares issued and remarkable prior to the Consolidation have been lowered to roughly 18,629,885 Shares. Exactly where the Consolidation would usually outcome in a shareholder staying entitled to a fractional Share, the quantity of post-Consolidation Shares issued to these kinds of shareholder shall be rounded up to the closest full variety of Shares.
The Company’s transfer agent, Computershare, will act as the exchange agent for the Consolidation. In link with the Consolidation, Computershare has despatched a letter of transmittal to registered shareholders which will help them to exchange their aged share certificates for new share certificates, or alternatively, a Immediate Registration Technique (“DRS”) Guidance/Statement, representing the quantity of new write-up-Consolidation Shares they maintain, in accordance with the guidelines supplied in the letter of transmittal. Registered shareholders will be ready to attain added copies of the letter of transmittal by means of Computershare. Until eventually surrendered, each and every share certificate representing pre-Consolidation Shares will stand for the selection of entire put up-Consolidation Shares to which the holder is entitled as a final result of the Consolidation.
Subsequent the Consolidation, the Corporation also obtained remaining approval from the TSX-V for the previously announced restructuring of its current debentures. The restructuring provided the conversion of 75% of the present debenture’s principal volume exceptional, or CAD $4,312,500, into widespread shares of the Business at a conversion price tag of $.30 on a submit-consolidation basis and will final result in the issuance of around 14,375,000 new typical shares (the “Debenture Conversion”).
Specific “related parties” (as these term is defined in Multilateral Instrument 61-101 – Protection of Minority Security Holders in Particular Transactions (“MI 61-101“)) of the Corporation own roughly $1,787,750 of the amount of debentures to be converted as aspect of the Debenture Conversion, resulting in the issuance of roughly 5,942,500 new widespread shares to these “related parties” (the “Similar Bash Debenture Conversion“). Pursuant to MI 61-101, the Linked Bash Debenture Conversion constitutes a “related party transaction”. The Similar Celebration Debenture Conversion, nonetheless, is exempt from the valuation necessity of MI 61-101 by advantage of the exemption contained in part 5.5(b) of MI 61-101 – Issuer Not Stated on Specified Marketplaces, as no securities of the Company are mentioned or quoted on the Toronto Stock Exchange, Aequitas NEO Exchange Inc., the New York Stock Trade, the American Stock Exchange, the NASDAQ Inventory Industry, or a inventory exchange outside the house of Canada and the United States.
The publish-consolidation shares have been shown for buying and selling on the TSX-V and are predicted to begin trading at the open of markets on or about January 19, 2021. The Firm anticipates the issued and excellent shares readily available for buying and selling to be around 33,004,885 as a consequence of the earlier mentioned transactions.
For Further more Information:
Ken Berg, President and Main Executive Officer, [email protected]
Lance Mierendorf, Interim Main Fiscal Officer, [email protected]
ABOUT DIVERGENT Vitality Products and services CORP.
Headquartered in Calgary, Alberta, Divergent supplies Synthetic Carry goods and expert services that are used in the oil and fuel sector. Product or service strains which include Electric Submersible Pumps, Electric powered Submersible Progressing Cavity Pumps, and the long run enhancement of an Electromagnetic Pump technology.
DIVERGENT Strength Expert services Corp., 2020, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
Forward On the lookout STATEMENTS
This press release contains ahead-searching statements, which includes, without the need of limitation, statements pertaining to the date of anticipated trading pursuing the Consolidation. All statements bundled herein, other than statements of historical actuality, are ahead-on the lookout data and this sort of information and facts requires several threats and uncertainties. There can be no assurance that this kind of info will prove to be precise, and true results and upcoming activities could differ materially from these expected in such information and facts. A description of assumptions employed to acquire these types of ahead-hunting data and a description of hazard components that may perhaps trigger actual benefits to differ materially from forward-on the lookout facts can be identified in the Company’s disclosure paperwork on the SEDAR web-site at www.sedar.com. The Organization might, as viewed as essential in the circumstances, update or revise this kind of forward-hunting statements, whether as a end result of new information and facts, potential events or in any other case, but the Firm undertakes no obligation to update or revise any forward-hunting statements, besides as needed by relevant securities legislation.
Neither the TSX Venture Exchange nor its Regulation Solutions Provider (as that time period is defined in the policies of the TSX Enterprise Exchange) accepts responsibility for the adequacy or precision of this launch.
(Not for dissemination in the United States of The united states)