On September 3, 2014 Adherex Technologies Inc. (TSX: AHX; OTC: ADHXF) (the "Company") reported that it gave effect to the consolidation of its outstanding share capital on the basis of one new security for every three outstanding securities (the "Consolidation") (Press release, Fennec Pharmaceuticals, SEP 3, 2014, View Source [SID:1234510425]). In addition, the Company filed a Notice of Alteration with the British Columbia Registrar of Companies changing the name of the Company from Adherex Technologies Inc. to Fennec Pharmaceuticals Inc. to better reflect its current business focus and activities (the "Name Change"). The Company’s Common Shares post-Consolidation will trade on the TSX Exchange under a new trading symbol: FRX.
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The Consolidation will reduce the number the Company’s outstanding common shares (the "Common Shares") from approximately 29.6 million (as last reported in the Company’s most recent Quarterly Report on Form 10-Q), to approximately 9.9 million. Furthermore, as a result of the Consolidation, Adherex’s outstanding common share purchase warrants will be exercisable as follows: (i) with respect to the warrants issued by the Company on or about April 30, 2010 and March 29, 2011 and not tendered as part of the warrant exchange completed on July 29, 2014 (the "Warrant Exchange"), each 54 warrants will entitle the holder to purchase one Common Share at an exercise price of CAD$4.32, (ii) with respect to the warrants that were exchanged in connection with the Warrant Exchange, each three warrants will entitle the holder to purchase one Common Share at an exercise price of USD$1.50, and (iii) with respect to the warrants issued on November 22, 2013, each three warrants will entitle the holder to purchase one Common Share at an exercise price of USD$1.50.
All materials necessary to effect the Consolidation and the Name Change are expected be filed with the Toronto Stock Exchange (the "TSX") today and, subject to TSX approval, it is expected that the Common Shares will commence trading on the TSX under the new name and "FRX" trading symbol, as well as on a Consolidated basis on or about September 5, 2014. Letters of transmittal providing for the exchange of certificates representing pre-Consolidation Common Shares for certificates representing post-Consolidation Common Shares were mailed to registered shareholders today. Any pre-Consolidation Common Shares owned by beneficial holders and any outstanding warrants will automatically be adjusted as a result of the Consolidation and the Name Change and no further action is required to be taken by such shareholders or warrantholders.