iMetal Confirms Effective Date for Share Consolidation
iMetal Resources announces a share consolidation on a five-for-one basis, effective January 13, 2022. The company will reduce its common shares from 51,730,372 to approximately 10,346,075 post-consolidation. The new trading format will begin on January 14, 2022, under the existing ticker symbol IMR. Shareholders will not receive fractional shares; instead, fractions will be rounded to the nearest whole number.
- Share consolidation may enhance stock price by reducing the number of shares outstanding.
- Focus on advancing the Gowganda West Project could drive future growth.
- Consolidation may indicate existing share price weakness.
- Post-consolidation share dilution could concern existing shareholders.
VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / iMetal Resources, Inc. (TSXV:IMR)(OTC PINK:ADTFF)(FRANKFURT:A7V2) ("iMetal" or the "Company") announces that effective at the close of business on January 13, 2022, it will consolidate its common share capital on a five-for-one basis (the "Consolidation"). Effective at the opening of markets on January 14, 2022, the common shares of the Company will commence trading on a post-Consolidation basis under the existing ticker symbol "IMR".
The Company currently has 51,730,372 common shares outstanding. Following completion of the Consolidation, it is expected to have approximately 10,346,075 shares outstanding.
No fractional shares will be issued in connection with the Consolidation. Shareholders who would otherwise be entitled to receive a fraction of a common share will be rounded to the nearest whole number of common shares and no cash consideration will be paid in respect of fractional shares. Registered holders of common shares of the Company will receive a letter of transmittal from Computershare Investor Services Inc. with instructions on how to exchange existing share certificates for new post-Consolidation share certificates.
About iMetal Resources Inc.
A Canadian based junior exploration company focused on the exploration and development of its portfolio of resource properties in Ontario and Quebec. iMetal is focused on advancing its Gowganda West Project that borders the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.
ON BEHALF OF THE BOARD OF DIRECTORS,
Saf Dhillon
President & CEO
iMetal Resources Inc.
saf@imetalresources.ca
Tel. (604-484-3031)
Suite 550, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include results of exploration, variations in results of mineralization, relationships with local communities, market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
SOURCE: iMetal Resources, Inc.
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