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Toronto, Ontario--(Newsfile Corp. - June 3, 2024) - Bluesky Digital Assets Corp., (CSE: BTC), (OTCQB: BTCWF), ("Bluesky" or the "Corporation") announced today that the Corporation's Board of Directors has approved the consolidation (the "Consolidation") of the Corporation's issued and outstanding common shares (the "Common Shares") on the basis of one (1) post-Consolidation Common Share for every seven (7) pre-Consolidation Common Shares.
The Consolidation was approved by the Corporation's shareholders at the annual general and special meeting of shareholders held on May 1, 2024. The Consolidation is subject to approval by the Canadian Securities Exchange (the "CSE") and is expected to become effective on June 7, 2024 (the "Effective Date"), with the post-Consolidation Common Shares commencing trading on the CSE and the OTC Markets open on June 7, 2024 subject to final confirmation from the CSE. No fractional Common Shares will be issued in connection with the Consolidation. Any fractional Common Shares arising from the Consolidation will be deemed to have been tendered by its registered owner to the Corporation for cancellation for no consideration. The exercise or conversion price and/or the number of Common Shares issuable under any of the Corporation's outstanding convertible securities will be proportionately adjusted in connection with the Consolidation.
Ben Gelfand CEO stated: "By implementing this share consolidation, the Corporation will be in a better position to recapitalize itself and to attract for the purpose of making strategic acquisitions, operating businesses and assets in the AI space. The consolidation will also greatly assist in the growth of the Corporation as it will enable the Corporation to offer cash, or Common Shares or a combination of both cash and Common Shares in any potential acquisition."
It is anticipated that upon completion of the Consolidation, the post-Consolidation Common Shares will continue to trade on the CSE under the current trading symbol "BTC" and on the OTC Markets under the symbol "BTCWF", under the new CUSIP number: 09629B404 and new ISIN: CA09629B4047.
As of the date of this press release the Corporation had 176,209,084 Common Shares issued and outstanding. Post consolidation there will be 25,172,726 Common Shares issued and outstanding.
Shareholders of record as of the Effective Date will receive a letter of transmittal from TSX Trust, the transfer agent for the Common Shares, providing instructions for the exchange of their Common Shares as soon as practicable following the Effective Date. Registered shareholders may also obtain a copy of the letter of transmittal by accessing the Company's SEDAR+ profile at www.sedarplus.ca. Until surrendered, each share certificate or direct registration system statement representing pre-Consolidation Common Shares will represent the number of whole post-Consolidation Common Shares to which the holder is entitled as a result of the Consolidation. No action is required by beneficial holders to receive post-Consolidation Common Shares in connection with the Consolidation. Beneficial holders who hold their Common Shares through intermediaries (e.g., a broker, bank, trust company investment dealer or other financial institution) and who have questions regarding how the Consolidation will be processed should contact their intermediaries with respect to the Consolidation.