Business
New Age Metals Announces Consolidation
(TheNewswire) August 20 th , 2024 – TheNewswire - Vancouver, BC ...
About this update from New Age Metals Inc
[{"type":"text","content":"New Age Metals Announces Consolidation\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n August 20\n \n\n th\n \n\n , 2024\n \n\n –\n \n\n TheNewswire -\n \n\n Vancouver, BC - New Age Metals Inc. (TSX.V: NAM; OTCQB:\nNMTLF; FSE: P7J.F) (“NAM” or the “Company”)\n \n\n announces\n \n\n that, the Company’s board\nof directors have approved a consolidation of the Company's issued and\noutstanding shares on a 4 old for 1 new basis, consolidating its\n222,237,002 currently outstanding shares to 55,559,251 shares.\n \n\n\n\n Chairman and CEO Harry Barr states, “The\nconsolidation of a company is always a hard decision to make. Based on\nthe Junior Mining Industry being in a multi-year downturn and our\ncurrent share price not being above $0.05 for almost a year, the\nDirectors and Management of NAM have decided to consolidate the\nCompany shares. This decision was made at a time when the company\nstill has a respectable treasury of approximately $3.7 million (cash,\nsecurities and accounts receivable) but any additional financing at\nthe current share price would be very dilutive. A consolidation over\ntime may increase share price given the decrease in the issued and\noutstanding shares. It would also allow the Company to pursue\nadditional financing in the future at potentially higher stock prices.\nManaging the share count more effectively can also reduce volatility\nand create a more stable trading environment. This should allow the\nCompany to attract a broader base of shareholders potentially leading\nto increased liquidity and inflow of capital.”\n \n\n\n\n “In my 40+ years of experience, many junior mining\ncompanies wait until their treasury is depleted and they have no\nfurther choice but to consolidate. This current down cycle is one of\nthe longest I have ever witnessed in our industry. It is well into its\n4\n \n\n th\n \n\n year and\n \n\n cannot persist indefinitely and we want\nto be positioned and ready for the turn around.”, adds Mr. Barr.\n \n\n\n\n Management believes a consolidated company is better\npositioned to take advantage of future opportunities, such as new\nacquisitions, mergers and joint ventures.\n \n\n\n The Company does not intend to change its name or seek a new stock\ntrading symbol in c...