Huntsman Announces Completion of Share Consolidation
Huntsman Exploration Inc. announces a share consolidation, effective March 10, 2023, on a 10-for-1 basis. Currently, there are 157,247,604 common shares outstanding, which will reduce to approximately 15,724,760 post-consolidation. Fractional shares will be rounded down, and no fractional shares will be issued. This consolidation, approved by the Board of Directors on February 27, 2023, aims to streamline the capital structure. Huntsman focuses on mineral exploration with projects in Western Australia and Nevada.
- Share consolidation may improve market perception and liquidity.
- Focus on mineral exploration could offer growth potential in gold and nickel sectors.
- The consolidation could indicate past struggles with share price stability.
- Reduction in share count may raise concerns about future capital needs.
VANCOUVER, BC / ACCESSWIRE / March 7, 2023 / Huntsman Exploration Inc. (TSXV:HMAN)(US:BBBMF) (the "Company" or "Huntsman") announces that at market open on Friday, March 10, 2023, its common shares will begin trading on a 10 old for 1 new share consolidated basis (the "Consolidation"). The Company's trading symbol will not change as a result of the Consolidation.
There are currently 157,247,604 common shares issued and outstanding. Upon completion of the Consolidation, there will be approximately 15,724,760 common shares issued and outstanding. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares, which will occur when each shareholder's holdings in the Company are consolidated. The Company will not issue any fractional common shares as a result of the Consolidation. Instead, all fractional shares resulting from the Consolidation will be rounded down to the nearest whole number. Outstanding stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices adjusted accordingly.
Registered shareholders will receive a letter of transmittal from the Company's transfer agent, TSX Trust Company, with instructions for exchanging their pre‑consolidated shares. Shareholders who hold their common shares through a broker or other intermediary and do not have common shares registered in their name, will not need to complete a letter of transmittal.
The Board of Directors approved the Consolidation on February 27, 2023.
About Huntsman Exploration Inc.
Huntsman is a mineral exploration company focused on the exploration and development of the Canegrass Nickel Sulphide Project and Western Yilgarn Projects in Western Australia under the Company's Huntsman Nickel division, and the exploration and development of the Company's gold project under the Huntsman Gold division, specifically the Baxter Spring historical gold discovery in Nevada.
On Behalf of the Board of Huntsman Exploration Inc.
Scott Patrizi
President and Chief Executive Officer
For more information, please contact 1-855-584-0160 or info@huntsmanx.com
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward-looking statements. Although we believe that the expectations in our forward-looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE: Huntsman Exploration Inc.
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FAQ
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