MacDonald Mines - CEO, Greg Romain
CEO, Greg Romain
Source: LinkedIn
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  • MacDonald Mines Exploration (BMK) is proposing a share consolidation
  • The company has mailed the meeting materials in connection with the annual and special meeting of shareholders of the corporation to be held on August 9, 2022
  • The shareholders will consider a resolution approving a consolidation of the corporation’s outstanding Class A common shares on the basis of up to one to ten
  • Currently, the corporation has 258,963,516 common shares issued and outstanding
  • MacDonald Mines is a Canadian Gold and base metal exploration company
  • MacDonald Mines Exploration Ltd. was down 25 per cent, trading at $0.015 at 12:29 PM ET

MacDonald Mines Exploration (BMK) is proposing a share consolidation.

The company has mailed meeting materials in connection with the annual and special meeting of shareholders of the corporation to be held on August 9, 2022.

The key issue for the shareholders to decide at the meeting will be to consider a resolution approving a consolidation of the corporation’s outstanding Class A common shares on the basis of up to one (new) for ten (old) common shares (up to 1:10).

If the consolidation proposal is approved, it will provide the Board of Directors with the discretion to determine the actual consolidation basis within this range.

Currently, the corporation has 258,963,516 common shares issued and outstanding.

If the proposed consolidation is completed, the number of common shares of the company issued and outstanding will depend on the ratio selected by the company’s Board.

As a result of this process, the corporation is not expected to change its name or trading symbol in conjunction with the consolidation proposal.

The Board proposes to reduce the number of common shares of the corporation in order to increase its flexibility with respect to potential business transactions, including any equity financings, if determined by the Board of Directors to be necessary and/or desirable.

MacDonald Mines is a Canadian Gold and base metal exploration company focused on exploring its 100-per-cent-owned, 19,720ha (197km2) SPJ Project, 20km southeast of the prolific Sudbury Mining Camp in Northern Ontario.

MacDonald Mines Exploration Ltd. was down 25 per cent, trading at $0.015 at 12:29 PM ET.

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