(Globe Newswire) Vancouver — Agra Ventures Ltd., a company focused on the cannabis industry, will be proceeding with the previously announced consolidation of its issued and outstanding share capital, changing its name to “Digicann Ventures Inc.” and changing its stock ticker symbol on the Canadian Securities Exchange to “DCNN.”
The consolidation will be on the basis of every 25 old common shares into one new common share. The company has set Tuesday, August 8, 2023 as the effective date of the consolidation and the expected date of trading of the common shares on a post-consolidation basis on the CSE. The record date of the consolidation will be Wednesday, August 9, 2023. The company received approval from its shareholders for the consolidation at its annual general and special meeting that took place on July 21, 2023.
In association with, but not as a result of, the consolidation, the company’s name will be changed to “Digicann Ventures Inc.” and the symbol under which the common shares trade on the CSE will be changed to “DCNN”. The company’s new name is expected to take effect on the effective date of the consolidation and a new website will be launched at www.digicann.io. The name change was approved on July 21, 2023 by way of directors’ consent resolution in accordance with the articles of the company.
As a result of the consolidation, the issued and outstanding common shares will be reduced to approximately 6,531,785. No fractional shares will be issued by the company under the consolidation and any fraction will be rounded to the nearest whole number. The exercise or conversion price and the number of common shares issuable under any of the company’s outstanding convertible securities will be proportionately adjusted upon the consolidation. Shareholders of record as at the record date will receive a letter of transmittal providing instructions for the exchange of their common shares as soon as practicable following the record date.