NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, B.C., December 11, 2023 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company”) announces that it intends to complete a consolidation of its issued and outstanding common shares (the “Shares”) on the basis of one (1) new Share (each, a “Post-Consolidated Share”) for every twenty (20) currently-outstanding Shares (the “Consolidation”).
It is anticipated that the Consolidation will reduce the number of outstanding Shares from 101,846,567 Shares to approximately 5,092,328 Post-Consolidated Shares, subject to adjustment for rounding. The board of directors of the Company believes that the Consolidation will both enhance the marketability of the Company as an investment and better position the Company to raise the funds necessary to execute the Company’s business plan. The Consolidation is subject to approval by the TSX Venture Exchange (the “Exchange”).
The Company does not intend to change its name or its current trading symbol in connection with the proposed Consolidation. The effective date of the Consolidation will be announced in a subsequent news release.
No fractional Post-Consolidated Shares will be issued as a result of the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a Post-Consolidated Share will be rounded up to the nearest whole number of Post-Consolidated Shares and no cash consideration will be paid in respect of fractional shares.
The exercise price and number of Shares of the Company, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed Consolidation in accordance with the terms thereof.
On behalf of the Board of Directors
SAVILLE RESOURCES INC.
Mike Hodge, President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Statements
Statements in this news release that are not historical facts are forward-looking statements. Forward-looking statements are statements that are not historical, and consist primarily of projections - statements regarding future plans, expectations and developments. Words such as “expects”, “intends”, “plans”, “may”, “could”, “potential”, “should”, “anticipates”, “likely”, “believes” and words of similar import tend to identify forward-looking statements. Forward-looking statements in this news release include statements about the Consolidation, its terms, and its anticipated benefits, receipt of approval for the Consolidation from the Exchange and that the Company will complete the Consolidation. These 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, including, without limitation the Company’s inability to obtain approval for the Consolidation from the Exchange, inability to complete the Consolidation for a variety of reasons, and risk that the Company may not realize the expected benefits of the Consolidation. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking statements are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.