Mayo Lake Announces Share Consolidation

About this update from Mayo Lake Minerals, Inc.

Plans Aggressive Drill Campaign on Reduced Intrusion-Related Gold Systems Anderson-Davidson Project, Yukon's Tombstone Gold Belt Ottawa, Ontario--(Newsfile Corp. - July 6, 2026) - Mayo Lake Minerals Inc. (CSE: MLKM) (Company) announces that the Board of Directors has approved a share consolidation of its issued and outstanding common shares on the basis of one (1) new consolidated share for every three (3) common shares currently outstanding with a proposed Record Date of July 17, 2026. The consolidation follows a special resolution of the company's shareholders dated January 23, 2026 granting the directors the authority to proceed with the consolidation provided it is in the best interests of the Company. The proposed consolidation is subject to the final approval of the Canadian Securities Exchange and applicable securities legislation. Consolidation ParticularsThe consolidation will reduce the number of issued and outstanding common shares from the current 117,626,370 outstanding to approximately 39,208,790 common shares prior to taking into account minor adjustments due to the fact that no fractional shares shall be issued. The Company currently has a total of 30,158,166 shares reserved for issuance including options, warrants and deferred share units, which will be consolidated to approximately 10,052,722 at the same ratio as the common shares. The Company's overall market capitalization will be subject to market forces with the proportionate ownership of each shareholder preserved, aside from minor adjustments due to fractional shares. Vern Rampton, President & CEO, stated, "We believe that, both in the near and longer term, the proposed consolidation will make the Company more attractive to a broader range of investors. The timing is particularly appropriate as we initiate our plans for a significant drill program on our strategically located 86 km² Anderson-Davidson Project in the Tombstone Gold Belt (TGB)." Rampton continued, "The project is situated within one of Canada's most active exploration districts for Reduced Intrusion-Related Gold Systems (RIRGS), where Banyan Gold Corp., Sitka Gold Corp. and Snowline Gold Corp. continue to advance major exploration and development programs with great success. We believe the concentration of activity in the TGB highlights the exceptional geological potential of Anderson-Davidson. In fact, many of th...

View stock analysis, news, and events for Mayo Lake Minerals, Inc.