RAINDROP CONFIRMS EFFECTIVE DATE FOR SHARE CONSOLIDATION
VANCOUVER, BC, March 30, 2022
VANCOUVER, BC, March 30, 2022 /CNW/ – Raindrop Ventures Inc. (CSE:.RAYN) (FSE: RV0) (“Raindrop” or the “Company“) announces that effective at the opening of markets today, the common shares of the Company (the “Common Shares“) will commence trading on a post-consolidation basis, at a ratio of one (1) post-consolidated Common Share for every two (2) pre-consolidated Common Shares outstanding (the “Consolidation“), under the existing ticker symbol “RAYN”.
No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a Common Share will be rounded to the nearest whole number of Common Shares and no cash consideration will be paid in respect of fractional Common Shares. Registered holders of Common Shares will receive a letter of transmittal from Odyssey Trust Company with instructions on how to exchange existing share certificates for new post-consolidation share certificates.
The Consolidation is intended to make the capital structure of the Company more attractive to potential financing opportunities.
The Company currently has 40,890,388 Common Shares outstanding. Following completion of the Consolidation, it is expected to have approximately 20,445,193 Common Shares outstanding, subject to fractional rounding. The Company did not change its name in connection with the Consolidation.
Raindrop is a mineral exploration company founded with the express purpose of acquiring and exploring mineral properties during the current resource commodity cycle. Raindrop is exploring its grassroots Clover Mountain gold property in Idaho and recently acquired six early-stage gold exploration projects in Nevada from LibertyGold. The Company has a Boise, Idaho-based technical team that is well positioned to conduct exploration in Idaho and Nevada.
Raindrop has a well-planned capital structure with 20,445,193 shares issued and outstanding and a significant team and insider ownership. For more information, please visit www.raindropventures.ca.
On behalf of the Board of Directors
President and Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Raindrop disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.
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