Business
Denarius Metals Announces 10-for-1 Consolidation of Its Common Shares; Trading of Its Common Shares on a Post-Consolidated Basis Will Commence at Market Open on November 21, 2022
TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or “the Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that it has rec
About this update from Denarius Metals Corp.
[{"type":"text","content":" TORONTO, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Denarius Metals Corp. (“Denarius Metals” or “the Company”) (TSXV: DSLV; OTCQB: DNRSF) announced today that it has received approval from the TSX Venture Exchange (“TSXV”) to consolidate its issued and outstanding common shares on a ten-for-one basis (10:1) (the “Consolidation”). The Company’s common shares will commence trading on a post-consolidated basis on the TSXV and OTCQB at market open on Monday, November 21, 2022. The Company’s name and trading symbols will remain unchanged. Following the Consolidation, the new ISIN and CUSIP numbers for the Company’s common shares are CA2482332079 and 248233207, respectively. For the Company’s listed common share purchase warrants, the ISIN and CUSIP numbers will remain unchanged and are CA2482331162 and 248233116, respectively. Denarius Metals has an authorized capital consisting of an unlimited number of common shares without par value, of which 207,621,865 common shares are currently issued and outstanding. In addition, a further approximately 94 million common shares are issuable through the potential future exercise of the issued and outstanding warrants and stock options. This potentially large number of issued and outstanding common shares acts as a damper on the Company’s stock price and could restrict the ability of the Company to raise equity in the future to fund its business activities. Accordingly, the Company is consolidating its issued and outstanding common shares on a ten-for-one basis (10:1). The Company believes that the benefits of the Consolidation include, among other things, that the anticipated higher share price resulting from the Consolidation may meet investing guidelines for certain institutional investors and investment funds that are prevented under such guidelines from investing in the common shares at current price levels. Also, a smaller number of common shares trading at a higher price makes the Company more attractive to potential investors and could further enhance the value of the common shares held by current shareholders. As a result of the Consolidation, there will be approximately 20,762,188 common shares issued and outstanding on a post-consolidated basis, subject to rounding for fractional shares as no fractional shares will be issued. The number of post-consolidated common shares to be received will ...