VANCOUVER, British Columbia, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces that it is proceeding with a consolidation of its issued and outstanding common shares at a ratio of one (1) post-consolidation common share for every ten (10) pre-consolidation common shares (the “Consolidation”) The common shares will commence trading on the Canadian Securities Exchange on a consolidated basis on February 11, 2019. The new CUSIP number will be 92347A205 and the new ISIN number will be CA92347A2056.
Following the Consolidation, which was approved by the shareholders of Veritas by special resolution at the Annual General & Special Meeting of shareholders held on January 25, 2019, the Company’s issued and outstanding common shares will be reduced from 121,573,399 common shares to approximately 12,157,399 common shares. Any resulting fractional share entitlement remaining after conversion at .5 or over will be rounded up to the nearest whole number and below .5 will be cancelled.
A letter of transmittal will be sent by mail to registered shareholders advising that the Consolidation has taken effect. The letter of transmittal will contain instructions on how registered shareholders can exchange their share certificates and/or DRS statements evidencing their pre-consolidation common shares for new share certificates and/or new DRS statements representing the number of post-consolidation common shares to which they are entitled. No action is required by non-registered shareholders (shareholders who hold their shares through an intermediary) to effect the Consolidation.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. (“CTL“), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas’ investment in CTL is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion-dollar markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: www.veritaspharmainc.com
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.
Contact Investor and Public Relations at:
Telephone: +1.604.827.5520
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.