Toronto, Ontario--(Newsfile Corp. - December 14, 2020) - Advantagewon Oil Corp. (CSE: AOC) (OTC Pink: ANTGF), (the "Corporation", or "Advantagewon", or "AOC") is pleased to announce that it will consolidate its issued and outstanding common shares (the "Common Shares") on the basis of one (1) post-consolidation Common Share for twenty (20) pre-consolidation Common Shares (the "Consolidation"). The Corporation received approval from its shareholders for the Consolidation at the Corporation's last annual general meeting (the "AGM") held on November 6, 2019. A consolidation on an up to 20:1 basis was approved to take place any time between November 6, 2019 and November 6, 2021 without the need for calling a special meeting for shareholders to approve the proposal. The Consolidation will be effective on or about December 18, 2020 (the "Effective Date"). The Corporation's name and trading symbol will remain the same.
As a result of the Consolidation, and upon completion of the Consolidation, the outstanding Common Shares of the Corporation will be reduced from 279,969,317 to approximately 13,998,465 subject to rounding. 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 next lowest whole number if such fractional Common Share is less than 0.5 of a Common Share, and will be rounded up to the next highest whole number if such fractional Common Share is at least 0.5 of a Common Share. The exercise or conversion price and the number of Common Shares issuable upon exercise or conversion of any of the Corporation's outstanding warrants, stock options and any other securities convertible into Common Shares will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof.
Letters of transmittal will be mailed to the registered shareholders of the Common Shares requesting that they forward their pre-consolidation share certificates to the Company's transfer agent, TSX Trust Company, to exchange such certificates for new share certificates or DRS advice representing their Common Shares on a post-consolidation basis. Shareholders who hold their shares through a broker or other intermediary and do not have actual share certificates registered in their name will not be required to complete and return a letter of transmittal. Any pre-consolidation Common Shares owned by such shareholders will automatically be adjusted as a result of the Consolidation to reflect the applicable number of post-consolidation Common Shares owned by them and no further action is required to be taken by such shareholders.
About Advantagewon Oil Corp.
Advantagewon is focused on building consistent cash flow from low cost, low risk oil wells. Advantagewon's common shares are listed on the OTC Markets in the United States and on the Canadian Securities Exchange (the "CSE") in Canada. Advantagewon is a member of the CSE Composite Index (CSE:AOC). For more information please visit www.aoc-oil.com
For further information please contact:
Mr. Stephen Hughes
CEO & Director
Advantagewon Oil Corp.
T: (587) 580-9344
Mr. Frank Kordy
Secretary & Director
Advantagewon Oil Corp
T: (647) 466-4037
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements include, but are not limited to the anticipated Effective Date, and other statements which are not historical facts. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this document are made as of the date of this document and the Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein and accordingly undue reliance should not be put on such. Neither CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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