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EarthRenew Announces AGM Results and Share Consolidation

TORONTO, June 02, 2020 (GLOBE NEWSWIRE) — EarthRenew Inc. (CSE:ERTH) (“EarthRenew” or the “Company”) is pleased to announce the results of its annual general and special meeting of shareholders (“AGM”) held on Thursday, May 28, 2020, in Toronto, Canada. In addition, the Company announces that its board of directors has authorized the implementation of consolidation (the “Consolidation”) of the Company’s common shares (“Shares”) on the basis of one post-Consolidation Share for every three pre-Consolidation Shares, effective June 9, 2020 (the “Effective Date”).

AGM Results

The nominees listed in the management information circular (the “Circular”), which was mailed to EarthRenew shareholders of record as of April 22, 2020, were elected to the board of directors of the Company to hold office until the next annual meeting of shareholders or until their successors are duly appointed or elected.

NomineePercentage of Votes
For
Percentage of Votes
Withheld
Keith Driver99.999%0.001%
Catherine Stretch98.914%1.086%
Fred Leigh98.914%1.086%
Chris Best99.999%0.001%


A total of 17,193,833 common shares were voted at the AGM, representing approximately 12.87% of the issued and outstanding common shares of the Company.

In addition, EarthRenew shareholders received the audited consolidated financial statements of the Company for the year ended December 31, 2019, and approved all of the other resolutions detailed in the Circular and put forward at the AGM, namely:

  • Re-appointing McGovern Hurley LLP, Chartered Accountants, as auditor of the Company for the ensuing year and authorizing the directors to fix the auditor’s remuneration;
  • Approving the Company’s stock option plan for the ensuing year, reserving for grant options to acquire up to a maximum of 10% of the issued and outstanding EarthRenew common shares calculated at the time of each stock option grant; and
  • Approving the consolidation of the Company’s common shares on the basis of up to three (3) pre-consolidation shares for one (1) post-consolidation share.

The Circular is available under EarthRenew’s profile on SEDAR at www.sedar.com.

Consolidation

EarthRenew currently has 133,471,292 Shares issued and outstanding. Following completion of the Consolidation, the Company will have approximately 44,490,430 Shares issued and outstanding. No fractional Shares will be issued pursuant to the Consolidation; fractional Shares will be disregarded and canceled without any payment of capital or other compensation. The exercise or conversion price and the number of shares issuable under any of EarthRenew’s outstanding convertible securities will be proportionately adjusted upon completion of the Consolidation.

The Shares are expected to commence trading on the Canadian Securities Exchange (the “CSE”) on a post-Consolidation basis when markets open on June 8, 2020, under the new CUSIP number 27034F208.

Shareholders of record as of the Effective Date will receive a letter of transmittal providing instructions for the exchange of their Shares as soon as practicable following the Effective Date.

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