Eureka Lithium Announces Completion of 10:1 Consolidation of Common Shares

Rhea-AI Summary

Eureka Lithium Corp has completed a 10:1 consolidation of its common shares, effective June 19, 2024. The company's shares will now trade on a consolidated basis with one new share for every ten old shares. This move results in 5,175,462 common shares outstanding, with fractional shares adjusted accordingly. The company's name and trading symbol remain unchanged, though a new CUSIP number, 298596206, has been issued. Convertible instruments have been proportionately adjusted. Shareholders will receive instructions on exchanging existing certificates. More details are available in a corporate video and presentation on the company's website.

Positive

• Successful completion of 10:1 share consolidation.
• Consolidated shares now total 5,175,462, simplifying share structure.
• Company name and trading symbol remain unchanged, ensuring brand consistency.
• Proportional adjustment of convertible instruments ensures fair treatment of existing holders.

Negative

• Reduction in liquidity due to a decrease in the number of outstanding shares.

Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - Eureka Lithium Corp. (CSE: ERKA) (OTCQB: UREKF) (FSE: S580) ("Eureka Lithium" or "Eureka" or the "Company") is pleased to announce, further to its news release of June 14, 2024, that the Company's common shares ("Common Shares") commenced trading on a consolidated basis, with one (1) post-consolidated Common Share outstanding for every ten (10) pre-consolidated Common Shares (the "Consolidation"), effective at the opening of trading today, June 19, 2024 (the "Record Date").

As a result of the Consolidation a total of 5,175,462 Common Shares are issued and outstanding, subject to adjustments for rounding, on the basis of each fractional share of less than 0.5 being cancelled and each fractional common share of 0.5 or greater being rounded to one whole Common Share. Neither the name nor the trading symbol of the Company have changed. A new CUSIP number has been issued for the post-consolidation Common Shares, being 298596206.

The exercise or conversion price, as applicable, and the number of Common Shares issuable under any of the Company's outstanding convertible instruments, have been proportionately adjusted as a result of the Consolidation.

Shareholders of record as of the Record Date who hold Common Shares represented by a physical certificate or DRS statement will receive a letter of transmittal from the Company's transfer agent, Odyssey Trust Company, with instructions on how to exchange existing certificates or DRS statements for certificates or DRS statements representing Common Shares on a post-Consolidation basis.

Corporate Video

To view a new Eureka Lithium corporate video, visit www.EurekaLithiumCorp.com (https://eurekalithiumcorp.com) or the following URL:

https://www.youtube.com/watch?v=9Vvm0zfNFp4

Corporate Presentation

Visit the Eureka Lithium homepage or click on the following URL to view the Company's Corporate Presentation:

https://eurekalithiumcorp.com/EurekaLithium_Q3_2023.pdf

About Eureka Lithium Corp.

Eureka Lithium is the largest lithium-focused landowner in the northern third of Quebec, known as the Nunavik region, with 100% ownership of three projects comprising 1,408 sq. km in the emerging Raglan West, Raglan South and New Leaf Lithium Camps. These claims were acquired from legendary prospector Shawn Ryan and are located in a region that hosts two operating nickel mines with deep-sea port access.

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 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. 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/213597

FAQ

What is the significance of Eureka Lithium's 10:1 share consolidation effective June 19, 2024?

The 10:1 share consolidation reduces the number of shares outstanding, potentially increasing the stock price per share and simplifying the share structure.

How many common shares are outstanding after Eureka Lithium's share consolidation?

Following the share consolidation, Eureka Lithium has 5,175,462 common shares outstanding.

Did Eureka Lithium change its trading symbol after the share consolidation?

No, Eureka Lithium's trading symbol remains unchanged post-consolidation.

What adjustments were made to Eureka Lithium's convertible instruments after the consolidation?

The exercise or conversion price and the number of shares issuable under Eureka Lithium's convertible instruments were proportionately adjusted.

How will Eureka Lithium shareholders be informed about exchanging their certificates post-consolidation?

Shareholders will receive a letter of transmittal from Odyssey Trust Company with instructions on how to exchange their certificates.