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HighCliff Metals Corp (TSXV: HCM.H) (OTC: IMAHF) has announced plans to consolidate its common shares on a 4:1 basis. The consolidation will reduce the current 18,673,028 outstanding common shares to approximately 4,668,257 shares.
Under the consolidation terms, fractional shares equal to or greater than one-half will be rounded up, while those less than one-half will be cancelled without compensation. The company will maintain its trading symbol 'HCM.H' on the NEX board, and no name change is planned.
The consolidation requires approval from shareholders holding over 50% of outstanding shares as of February 28, 2025, which the company plans to obtain through written consent. The initiative aims to create a more attractive share structure for future capital financing and growth opportunities. The consolidation remains subject to Exchange approval.
Highcliff Metals Corp (TSXV: HCM.H) (OTC Pink: IMAHD) has entered into a non-binding letter of intent with Greyridge Exploration Corp for a reverse takeover transaction. The deal involves Highcliff acquiring all of Greyridge's shares through a three-cornered amalgamation. Greyridge has agreed to acquire ERG Middle East S.à.r.l, which owns ERG's assets in Saudi Arabia, including 25 licenses covering 1,823 km² and 398 exploration license applications.
The transaction includes:
- Highcliff completing a minimum $3,750,000 private placement
- Greyridge finalizing its acquisition of ERG Middle East S.à.r.l
- Forming a new board with four Greyridge nominees and one Highcliff nominee
The deal aims to create Saudi Arabia's next major copper and gold exploration company, subject to regulatory and Exchange approvals.
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