Kolibri Global Energy Inc. to Consolidate Its Common Shares

Source: www.gulfoilandgas.com 4/29/2022, Location: North America

Kolibri Global Energy Inc. will be consolidating all of the issued and outstanding common shares (the “Shares”) on the basis of one (1) post-consolidation Share for every ten (10) pre-consolidation Shares held (the “Consolidation”).

The Company’s Board of Directors has set May 16, 2022 as the effective date of the Consolidation. Trading of the Shares on a post-Consolidation basis on the Toronto Stock Exchange (the “TSX”) is expected to commence on or about May 19, 2022, subject to the final approval by the TSX. The Company's name and trading symbol will remain unchanged.

No fractional Shares will be issued under the Consolidation. The number of Shares issuable on the Consolidation shall be rounded either up or down to the nearest whole number of Shares. Each fractional Share remaining after conversion that is less than ˝ of a Share will be cancelled and each fractional Share that is at least ˝ of a Share will be changed to one whole Share. Shareholders should not destroy any share certificate and should not submit any share certificate for a new share certificate until requested to do so. The exercise price and number of Shares issuable pursuant to all outstanding stock options and warrants will also be adjusted in accordance with the Consolidation ratio.

As of the date hereof, the Company currently has 356,159,098 Shares issued and outstanding. The Consolidation will reduce the number of outstanding Shares to approximately 35,615,909 Shares issued and outstanding.

The Company’s registered Shareholders who hold their Shares in certificated form will receive a letter of transmittal from Computershare Investor Services Inc., the Company’s transfer agent, with information on how to surrender Share certificates representing pre-Consolidation Shares to the transfer agent. The transfer agent will forward to each registered Shareholder who has sent the required documents a new Share certificate representing the number of post-Consolidation Shares to which the registered Shareholder is entitled. If Shareholders hold their Shares in book entry form, they will automatically receive their post-Consolidation Shares and they will not receive, or be required to submit, a letter of transmittal. Shareholders who hold their shares through an intermediary are encouraged to contact their intermediaries if they have any questions.

The Consolidation is intended to make the Company more attractive to potential new investors searching for growing shareholder value. This is another step in the Company’s mission to reach more investors, improve communication and transparency to the Company’s investor community.


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