DIVERGENT Energy Services Announces Conditional Approval of its Debenture Restructuring Initiatives and Anticipated First Day of Trading

CALGARY, Alberta, Jan. 15, 2021 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (DVG: TSX-V) (“Divergent”, the "Company", or “DVG”) is pleased to announce that following the previously announced shareholder approval at its special meeting of shareholders on December 28, 2020 for the consolidation of its issued and outstanding common shares (the “Shares”) on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation Share (the “Consolidation”), it has received conditional approval from the TSX Venture Exchange (the “TSX-V”) for the Consolidation and will file articles of amendment implementing the Consolidation.

The Shares will continue to be listed on the TSX-V under the symbol “DVG”, and the Shares are expected to begin trading on a post-Consolidation basis on the TSX-V on or about January 19, 2021. Following the Consolidation, the new CUSIP number for the Shares is 255051203 and the new ISIN for the Shares is CA2550512032.

As a result of the Consolidation, the 186,298,848 Shares issued and outstanding prior to the Consolidation have been reduced to approximately 18,629,885 Shares. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional Share, the number of post-Consolidation Shares issued to such shareholder shall be rounded up to the nearest whole number of Shares.

The Company’s transfer agent, Computershare, will act as the exchange agent for the Consolidation. In connection with the Consolidation, Computershare has sent a letter of transmittal to registered shareholders which will enable them to exchange their old share certificates for new share certificates, or alternatively, a Direct Registration System (“DRS”) Advice/Statement, representing the number of new post-Consolidation Shares they hold, in accordance with the instructions provided in the letter of transmittal. Registered shareholders will be able to obtain additional copies of the letter of transmittal through Computershare. Until surrendered, each share certificate representing pre-Consolidation Shares will represent the number of whole post-Consolidation Shares to which the holder is entitled as a result of the Consolidation.