On September 7, 2021 Alvopetro announced the completion of the share restructuring which involved a 2,100 to 1 share consolidation (the “Consolidation”) followed immediately by a 1 to 700 share split (the “Split”), collectively (the “Share Restructuring”). The Share Restructuring was completed pursuant to a special resolution passed by shareholders on August 12, 2021, a final order from the Alberta Court of Queen’s Bench and the conditional approval of the TSX Venture Exchange.
As part of the Share Restructuring, shareholders who held less than 2,100 common shares at the close of business on September 3, 2021 were entitled to a cash payment in exchange for their common shares equal to C$1.12 per common share, the pricing of which was based on the volume weighted average trading price of the common shares on the TSXV during the five consecutive trading days ending on and including September 3, 2021. A total of 1,265,306 common shares were repurchased representing 1.3% of the total common shares outstanding prior to the Share Restructuring.
Any shareholders with 2,100 or more common shares prior to the Consolidation participated in the Consolidation followed immediately by the Split resulting in an effective 3:1 consolidation overall. Following the completion of the Share Restructuring, a total of 32,854,632 common shares were outstanding.