Vancouver, British Columbia: May 28, 2020 – Auralite Investments Inc. (TSX Venture: AAAA) (the “Company” or “Auralite“), is pleased to provide the following general update in regards to recent and future corporate activity.
The Company announces its intention to consolidate all of the Company’s issued and outstanding common shares on the basis of ten pre-consolidation shares for one post-consolidated share (the “Consolidation”). The Consolidation is necessary to attract new capital and position the Company to undertake future transactions. The Company intends to build on its success by identifying new opportunities, attracting capital and bringing partners in to assist in the development of our investment portfolio. The Company currently has 289,197,000 common shares issued and outstanding. Following completion of the Consolidation, the Company will have 28,919,700 common shares issued and outstanding.
The Company announces its intention to change its name from “Auralite Investments Inc.” to “Myconic Capital Corp.” (the “Name Change”), or such other name as the Company’s directors may determine to better reflect the Company’s business activities going forward. Concurrently with the Consolidation and the Name Change, the CUSIP number and ISIN of the Company’s issued and outstanding common shares will change. The effective date of the Consolidation and Name Change will be confirmed by the Company upon receipt of all required regulatory approvals.
The Company announces that Alvin Tan has resigned from the Company’s board of directors, effective May 27, 2020. The Company intends to fill the vacancy left by Mr. Tan’s resignation and continues to interview qualified candidates.
Auralite is an investment issuer with interests in, Canadian-based Champignon Brands Inc., educational technology developer Akiva Systems Inc., and Gold Lion Resources Inc.
On behalf of:
AURALITE INVESTMENTS INC.
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This news release contains forward-looking statements including statements regarding any of the Auralite holdings or investments, as well other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, investor interest in the business and future prospects of the Company. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.