TORONTO, ON –(Marketwired – December 30, 2016) –
Effective today, the Company has continued (the “Continuance“) out of the jurisdiction of the Canada Business Corporations Act and into the jurisdiction of the BVI Business Companies Act, 2004, as amended. A copy of the certificate of continuance and the Company’s Memorandum and Articles of Association will be available on the Company’s SEDAR profile at www.sedar.com.
The Company has also given effect to the consolidation of the issued and outstanding common shares in the capital of the Company (the “Shares“) on the basis of one (1) post-consolidation Share for each ten (10) pre-consolidation Shares (the “Consolidation“). It is anticipated that the Shares will begin trading on a post-Consolidation basis on the TSX at the opening of markets on January 5, 2017. The Company’s trading symbol will remain “ORA”.
As a result of the Consolidation, the Company now has approximately 33,420,355 Shares outstanding. The Company has been assigned the new CUSIP number G06973104 and new ISIN number VGG069731047.
A letter of transmittal will be mailed to the registered shareholders of the Company providing instructions to surrender the certificate(s) evidencing their Shares for replacement certificates representing the number of Shares to which they are entitled as a result of the Consolidation. Shareholders holding their shares through a broker or other intermediary and consequently not having shares registered in their name will not be required to complete a letter of transmittal.
This press release contains certain “forward-looking information” and “forward-looking statements”, as defined in applicable securities laws (collectively, “forward-looking statements”). All statements other than statements of historical fact are forward-looking statements. Forward-looking statements in this press release relate to future events or future performance and reflect the Company’s current estimates, predictions, expectations or beliefs regarding future events and include, without limitation, statements relating to: the method of delivery of the letter of transmittal, the timing for trading of the Shares on the TSX on a post-Consolidation basis and the number of Shares outstanding.
Often, but not always, forward-looking statements may be identified by the use of words such as “expects”, “anticipates”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategy”, “goals”, “objectives” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements in this press release are based upon, without limitation, the following estimates and assumptions: the Company will be able to obtain all necessary regulatory approvals on a timely basis.
Known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s ability to predict or control could cause actual results to differ materially from those contained in the forward-looking statements. Specific reference is made to the factors set out under the heading “Risk Factors” in the Circular and the factors set out under the heading “Risk Factors” in the Company’s Annual Information Form (“AIF”) dated March 24, 2016 and the Company’s Management’s Discussion and Analysis (“MD&A”) dated March 24, 2016, and interim MD&As thereafter, which are available on SEDAR (www.sedar.com).
All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements
Tel: (416) 649-1033