QUEBEC CITY, Que. - Exploration-stage miner Plexmar Resources Inc. (TSXV:PLE) announced Friday that it plans to seek stakeholder approval to consolidate its shares and to change the name of the company.
Plexmar, which is active in Peru, said it is proposing a consolidation on the basis of one post-consolidation share for up to fifteen pre-consolidation shares.
The name change and consolidation are subject to TSX Venture Exchange as well as shareholder approval and will be considered by shareholders at a meeting expected to be announced within a few weeks.
The proposed new name was not disclosed.
"We believe that this share consolidation will improve the company's structure and enhance our ability to attract funding from institutions (and) advance our project portfolio, . . . " said president and CEO Guy Bedard.
As of Feb. 1, the company had 228,227,223 common shares issued and outstanding. The stock was unchanged at 2.5 cents per share in afternoon trading Friday on the TSX Venture market.