Eureka Lithium Announces 10:1 Consolidation of Common Shares
Eureka Lithium has announced a 10:1 share consolidation, reducing its outstanding common shares to approximately 5,175,459 post-consolidation shares. The record date for this corporate action is June 19, 2024, with trading on a consolidated basis expected to start shortly thereafter on the Canadian Securities Exchange (CSE). The company aims to improve its share structure to attract capital financing and growth opportunities. No fractional shares will be issued; they will be rounded up to the next whole share instead. The share consolidation awaits approval from the CSE. The company name and trading symbols will remain unchanged.
- Share consolidation aims to attract capital financing.
- Post-consolidation shares reduced to approximately 5,175,459, potentially making the stock more attractive.
- Fractional shares will be rounded up, ensuring no shareholder loses value.
- Company name and trading symbols remain unchanged, maintaining brand consistency.
- Share consolidation may lead to reduced liquidity in the market.
- Approval from the Canadian Securities Exchange is still pending.
- Investors holding fewer than 10 shares will face rounding up mechanics, which might dilute their holdings.
Vancouver, British Columbia--(Newsfile Corp. - June 14, 2024) - Eureka Lithium Corp. (CSE: ERKA) (OTCQB: UREKF) (FSE: S580) ("Eureka Lithium" or "Eureka" or the "Company") announces that it intends to proceed with a share consolidation (the "Consolidation") of its issued and outstanding common shares ("Common Shares") on the basis of one (1) post-consolidation Common Share for every ten (10) pre-consolidation Common Shares. Following the Consolidation, the Company will have outstanding approximately [5,175,459] post-consolidation Common Shares. The Company has approved a record date of June 19, 2024 ("Record Date"). The Company's consolidated shares are expected to commence trading on the Canadian Securities Exchange ("CSE") a few days after the Record Date, and the Company anticipates that the CSE will issue a bulletin to dealers advising of the Consolidation and effective date of trading on the consolidated basis.
After the Consolidation, the shares will have a new CUSIP number and a new ISIN number. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be rounded up to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.
Pursuant to the articles of the Company, the Board of Directors of the Company has approved the Consolidation. The Company believes the Consolidation will provide it with a share structure more suitable to attracting capital financing and providing for future growth opportunities.
The Consolidation remains subject to receipt of approval from the Canadian Securities Exchange. The Company name and trading symbol will not be changed in conjunction with the Consolidation.
About Eureka Lithium Corp.
Eureka Lithium is the largest lithium-focused landowner in the northern third of Quebec, known as the Nunavik region, with
For more information please contact:
DJ Bowen
Chief Executive Officer
Email: info@eurekalithiumcorp.com
Cautionary Statement
Certain statements contained in this news release, including statements which may contain words such as "will", "expects", "anticipates", "intends", "plans", "believes", "estimates", or similar expressions, and statements related to matters which are not historical facts, such as statements regarding the contemplated completion and anticipated benefits of the Consolidation, are forward-looking information within the meaning of applicable securities laws. Such forward-looking statements reflect management's expectations and are based on certain factors and assumptions and involve known and unknown risks and uncertainties which may cause the actual results, performance, or achievements to be materially different from future results, performance, or achievements expressed or implied by such forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company believes that the expectations reflected in the forward-looking statements contained in this news release are reasonable, but no assurance can be given that these expectations will prove to be correct, nor that the Consolidation will be completed, nor have the intended effects, as contemplated, or at all. The Company undertakes no obligation to release publicly any future revisions to forward-looking statements to reflect events or circumstances after the date of this news or to reflect the occurrence of unanticipated events, except as expressly required by law.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212958
FAQ
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Will Eureka Lithium change its trading symbol after the share consolidation?
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