September 23, 2020 – Vancouver, Canada - Guyana Goldstrike Inc. (the “Company” or “Guyana Goldstrike”) (TSXV: GYA, OTC: GYNAF) announces that it will consolidate (the "Consolidation") its common shares (the "Common Shares") at a ratio of five (5) pre-Consolidation Common Shares to one (1) post-Consolidation Common Share as of the close of business on Thursday, September 24, 2020. Effective at the opening of markets on Friday, September 25, 2020, the Common Shares will commence trading on the TSX Venture Exchange on a post-Consolidation basis under the current symbol "GYA".
Letters of transmittal will be mailed to all registered shareholders of the Company with instructions on how to exchange existing share certificates for post-Consolidation certificates.
Prior to implementing the Consolidation, the Company had 58,452,037 Common Shares issued and outstanding and immediately after implementing the Consolidation, the Company will have approximately 11,690,407 Common Shares issued and outstanding. No fractional Common Shares will be issued as a result of the Consolidation. The Company's new CUSIP number is 40356P209.
Management Cease Trade Order
The Company also announces that it has made an application to the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”) requesting that a management cease trade order (“MCTO”) be granted in respect of the anticipated late filing of the Company’s audited financial statements for the fiscal year ended April 30, 2020 and interim financial statements for the three-month period ended July 31, 2020, and their related management’s discussion and analysis and certifications (collectively, the “Required Filings”).
As previously announced, the Company requires additional time to complete the audit of the Company’s financial statements for the fiscal year ended April 30, 2020. As a result of this delay, the Company expects that it will be unable to complete its interim financial statements for the three-month period ended July 31, 2020 prior to the required filing deadline of September 29, 2020. The Company will work with its auditors to complete the required audit work and anticipates completing the Required Filings by October 30, 2020.
If the MCTO is granted, during the period during in which the MCTO is in effect the general investing public will continue to be able to trade in the Company’s securities. However, for the duration of the MCTO, the Chief Executive Officer and the Chief Financial Officer will not be able to trade in the Company’s common shares. The Company has also imposed an insider trading blackout pending completion of the Required Filings. The Company will comply with the alternative information guidelines set forth in NP 12-203 until such time as the Required Filings are completed. The MCTO will remain in effect until the Company completes the Required Filings or the MCTO is otherwise revoked or varied.
On behalf of the Board of Directors of
GUYANA GOLDSTRIKE INC.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, changes in exploration costs and government regulation in Guyana, status of artisanal mining activities and associated rights, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.