Terra Firma Capital Corp. consolidated its share capital on the basis of 10 pre-consolidation common shares for 1 post-consolidation common share.
The 10-for-1 consolidation, which was approved by the company's shareholders and the TSX Venture Exchange, became effective Sept. 20.
Prior to the consolidation, Terra Firma Capital had a total of 55,650,336 common shares issued and outstanding. Once the 10-for-1 consolidation was put into effect, the company had about 5,565,033 common shares issued and outstanding. No fractional shares are being issued in connection with the transaction.
The company's common shares are expected to begin trading on the TSX Venture Exchange on a consolidated basis under the trading symbol TII on or about Sept. 24 at market open.
At the time of the consolidation, the exercise price and number of shares purchasable pursuant to all outstanding warrants and stock options, as well as the number of outstanding deferred share units, will be adjusted to reflect the 10-for-1 consolidation.
Additionally, the previously announced cash dividend of 0.5 Canadian cent per common share for the third quarter will be adjusted to 5 Canadian cents per common share to reflect the consolidation. The dividend will be paid Oct. 15 to shareholders of record as of the close of business on Sept. 30.
