In conjunction with the Canadian Securities Exchange listing on March 15, 2012, NEMI commenced operations as a specialized merchant bank whose principal activity is the development of its asset and equity portfolio.
On August 16, 2016 NEMI announced that it had completed the 400,000:1 consolidation of its outstanding common shares (the “Consolidation”) previously announced on June 10, July 29, and August 11, 2016. Following completion of the Consolidation, NEMI has a total of 22 common shares issued and outstanding, of which Mr. Michael Cooney, NEMI’s Chairman and Chief Executive Officer, has ownership and control over an aggregate of 17, representing 77% of the issued and outstanding common shares. As previously disclosed, Mr. Todd Hooper, a former Director of the Company, may be considered to be acting jointly and in concert with Mr. Cooney in connection with the Consolidation. Together, Mr. Cooney and Mr. Hooper have ownership and control over an aggregate of 19 common shares, representing 86% of the issued and outstanding common shares of NEMI.
Following completion of the Consolidation, NEMI’s common shares were delisted from the Canadian Securities Exchange effective at the close of the market on August 16, 2016. As previously disclosed, the Company also intends to apply to cease to be a reporting issuer with the applicable securities regulatory authorities.