VANCOUVER, Sept. 12, 2019 /CNW/ - Destiny Media
Technologies Inc. (TSXV:DSY)(OTCQB:DSNY) ("Destiny" or the
"Company") is pleased to provide an update further to
its news release dated August 21,
2019, regarding the proposed consolidation of its
outstanding shares of common stock ("Shares") on the basis
of five (5) pre-consolidation Shares for one (1) post-consolidation
Share (the "Consolidation") and proposed normal course
issuer bid (the "Bid").
The Consolidation received regulatory approval today and will be
effective as of market open on September 13,
2019, and the Bid will commence effective September 16, 2019 and terminate on or about
September 15, 2020.
Fractional shares issuable in connection with the Consolidation
will be rounded as appropriate, and accordingly no fractional
Shares will be issued upon the Consolidation. Shareholders holding
Shares through brokers, banks or other intermediaries should
consult with their broker, bank or other intermediary with respect
to their post-Consolidation shareholdings. There will be no change
to the Company's stock symbol. Upon completion of the
Consolidation, it is expected that there will be a total of
approximately 11,002,774 Shares issued and outstanding.
Pursuant to the Bid, the Company may purchase up to a maximum of
550,140 post-Consolidation Shares, representing approximately 5% of
the then-outstanding Shares. No more than 2% of the outstanding
Shares will be purchased in any 30-day period.
Purchases pursuant to the Bid will be made from time to time by
RBC Dominion Securities Inc. on behalf of the Company through the
facilities of the TSX Venture Exchange. Shares purchased will
be paid for with cash available from the Company's working
capital. No insiders of the Company intend to participate in
the Bid.
About Destiny Media Technologies, Inc.
Destiny provides software as service (SaaS) solutions to
businesses in the music industry solving critical problems in
distribution and promotion. The core service, Play MPE®
(www.plaympe.com), provides promotional music marketing to engaged
networks of decision makers in radio, film, TV, and beyond. More
information can be found at www.dsny.com.
Forward Looking Information
Certain statements contained in this press release may
constitute forward-looking information under applicable securities
laws, including statements related to the anticipated outstanding
share capital following completion of the Consolidation and the
proposed Bid and the number of Shares to be acquired thereunder.
This information is based on management's reasonable assumptions
and beliefs in light of the information currently available to us
and are made as of the date of this news release.
In making the forward‐looking statements
included in this news release, the Company has applied several
material assumptions, including, but not limited to, the completion
of the Consolidation and Bid and that general economic and business
conditions will not change in a materially adverse manner.
Although the forward-looking information contained in this news
release is based upon assumptions that management of the Company
believes are reasonable based on currently available information,
there can be no assurance that actual results will be consistent
with the forward-looking information. Actual results may differ
materially from the forward looking information due to known and
unknown risks and uncertainties, many of which are beyond the
Company's control, including, among other things, general economic
conditions; availability of equity and debt financing; the
performance of the Shares or the stock exchanges generally; and
other risks and factors described from time to time in the
documents filed under the Company's profile at www.sedar.com.
Readers are urged to consider the risks, uncertainties and
assumptions carefully in evaluating the forward-looking information
and are cautioned not to place undue reliance on such information.
Except as required by applicable securities laws, the Company does
not undertake to update or revise publicly any forward-looking
information, whether as a result of new information, future events
or otherwise, after the date on which the statements are
made.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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SOURCE Destiny Media Technologies, Inc.