Business
Metalite Resources Announces Proposed 10 for 1 Share Consolidation
TORONTO, ON / ACCESSWIRE / October 2, 2023 / Metalite Resources Inc. (CSE:METL) (OTC Pink:JNCCF) (Frankfurt:5VHA) ("Metalite" or the "Company") announces today
About this update from Metalite Resources Inc
[{"type":"text","content":" TORONTO, ON / ACCESSWIRE / October 2, 2023 / Metalite Resources Inc. (CSE:METL) (OTC Pink:JNCCF) (Frankfurt:5VHA) (\"Metalite\" or the \"Company\") announces today it will be seeking the Canadian Securities Exchange's (the \"CSE\") approval to consolidate all of its issued and outstanding common shares (the \"Common Shares\") on the basis of 10:1, with each ten (10) pre-consolidated Common Shares being consolidated into one (1) post-consolidated Common Share (the \"Share Consolidation\"). In accordance with the Company's articles, shareholder approval will not be required for the proposed Share Consolidation. The proposed Share Consolidation has been approved by the Company's board of directors. The proposed Share Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 145,219,150 Common Shares to approximately 14,521,915 Common Shares. The Company also has outstanding warrants to purchase 51,023,910 Common Shares reserved for issuance, equal to 5,102,391 Common Shares on a post consolidation basis and also has outstanding stock options to purchase 6,825,000 Common Shares reserved for issuance, equal to 682,500 Common Shares on a post consolidation basis. No fractional shares will be issued as a result of the Share Consolidation. Any fractional shares resulting from the Share Consolidation will be rounded down to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares. The Company's board of directors believes that the Share Consolidation will provide the Company with greater flexibility for the continued development of its business and the growth of the Company, including financing arrangements. There is no change of business associated or being effected with respect of the Share Consolidation. In addition, the Company will not be changing its name in connection with the proposed Share Consolidation. The Company will be obtaining a new CUIP and ISIN number for common shares in connection with proposed the Share Consolidation. The record date and effective date of the Share Consolidation and the new CUSIP and ISIN numbers will be disclosed in a subsequent news release. Generally, with respect to a consolidation, the shares would commence quotation on the CSE on a consolidated basis on the first trading day prior to th...