Intrepid Metals Corp. (TSXV: INTR | OTCQB: IMTCF) has announced that it is providing the effective date for the consolidation of its issued and outstanding common shares based on one new share (each, a post-consolidated share) for every two currently outstanding shares (the consolidation).
The consolidation will become effective at the opening of the market on 4 January 2024. The consolidation remains subject to TSX Venture Exchange approval which is expected to be received before 4 January 2024. The company’s symbol shall remain as INTR. The consolidation is being conducted in connection with the company’s previously announced C$3M non-brokered private placement with Leocor Gold Inc.
Currently, a total of nearly 53M shares are issued and outstanding. Accordingly, upon the consolidation becoming effective and subject to adjustments for rounding, a total of 26,431,561 shares will be issued and outstanding. There is no maximum number of authorized shares. No partial post-consolidated shares will be issued. Shareholders who would otherwise be entitled to receive a fraction of a post-consolidated share will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares.
The exercise price and number of shares, issuable upon the exercise of outstanding options and warrants, will be proportionally adjusted upon the implementation of the proposed consolidation in accordance with the terms thereof.
TSX Trust Company will mail letters of transmittal to the shareholders providing instructions on exchanging pre-consolidation share certificates for post-consolidation share certificates. Shareholders are encouraged to send their share certificates, together with their letter of transmittal, to TSX Trust in accordance with the instructions in the letter of transmittal.
For further information, please visit: www.intrepidmetals.com
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