VANCOUVER, British Columbia, Feb. 13, 2020 (GLOBE NEWSWIRE) — Prospect Park Capital Corp. (the “Company”) (TSXV:PPK), announces today that it has called an annual general and special shareholders’ meeting (the “Meeting”) for March 11, 2020. At the Meeting, amongst other things, management of the Company will be seeking shareholder approval to consolidate the issued and outstanding common shares (the “Common Shares”) of the Company on the basis of one (1) post-consolidation Common Share for five (5) pre-consolidation Common Shares (the “Consolidation”), or such number of pre-consolidation shares as may be determined by the board of directors (the “Board”) or may be required to obtain approval of the Consolidation from the TSX Venture Exchange (the “Exchange”). Additional information relating to the proposed Consolidation is included in the management information circular of the Company dated February 10, 2020 (the “Circular”), which is available on SEDAR at www.sedar.com.
The Company has posted the Circular with respect to the Meeting. As part of the Meeting, shareholders of the Company will be asked to pass a special resolution authorizing the Board, at a time it sees fit, to amend the Company’s articles to effect the Consolidation. There are currently 9,819,117 Common Shares issued and outstanding. If and upon the Consolidation becoming effective, on a maximum of one (1) to five (5) basis, it is expected there will be approximately 1,963,823 post-Consolidation Common Shares issued and outstanding on a non-diluted basis (assuming no additional Common Shares are issued after the date hereof). The Board believes the Consolidation is necessary in order for the Company to more easily raise capital and attract business opportunities. The Board believes that at present, with the current corporate structure, it is extremely difficult, for the Company to raise capital and to proceed with the seeking of business opportunities. The Board, in its sole discretion, may revoke the resolution approving the Consolidation and abandon the Consolidation without further approval, action by, or prior notice to shareholders. The Consolidation is subject to shareholder and regulatory approval, including the approval of the Exchange.Registered shareholders are advised not to mail in the certificate(s) representing their Common Shares until they receive a letter of transmittal and confirmation from the Company by way of news release that the Board has decided to implement the Consolidation.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. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include completion of the Consolidation, raising additional capital, and attracting business opportunities. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results, including without limitation approval of the Consolidation by the shareholders and the Exchange. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they 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 assumes 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.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.
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