Refined Metals Corp. Announces Proposed Share Consolidation
VANCOUVER, British Columbia, Jan. 26, 2024 (GLOBE NEWSWIRE) — Refined Metals Corp. (CSE: RMC; OTC: RFMCF; FRA:CWA0) (the “Company”) is pleased to announce that its board of directors has approved a consolidation (the “Consolidation”) of the common shares of the Company (“Common Shares”) on a two-to-one basis. The Company has 57,288,955 Common Shares outstanding and, if completed, the proposed Consolidation would reduce the issued and outstanding Common Shares to approximately 28,644,478 Common Shares.
The Company anticipates that the proposed Consolidation will take effect on or about February 15, 2024, at which time the Common Shares are expected to trade on a consolidated basis under the existing name and trading symbol. The Company will issue a subsequent news release, following its filing of all necessary documentation with the CSE in respect of the proposed Consolidation, announcing the effective date of the proposed Consolidation, the new CUSIP and ISIN for the consolidated Common Shares and any other relevant details regarding the proposed Consolidation. No fractional Common Shares will be issued as a result of the proposed Consolidation. Any fractional Common Shares resulting from the proposed Consolidation will be rounded up, in the case of a fractional interest that is 0.5 or greater, or rounded down, in the case of a fractional interest that is less than 0.5, to the nearest whole number of Common Shares, and no cash consideration will be paid in respect of fractional Common Shares rounded down to the nearest whole Common Share.
About Refined Metals Corp.
Refined Metals Corp. is a junior mining company dedicated to identifying, evaluating and acquiring interests in mineral properties in North America. The Company’s business is currently focused on the exploration and development of the Simard Property, a prospective, exploration stage lithium property located in the Lac Simard region of Quebec. The Company is also party to an option agreement in respect of the Horizon South Property, a prospective, exploration stage lithium property located in Tonopah Nevada. The Company continues to review other mineral properties in North America for possible acquisition in the future.
For further information, please contact:
Phone: (604) 398-3378
Email: [email protected]
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the proposed Consolidation, including the proposed consolidation ratio, the anticipated effective date of the Consolidation and the anticipated effect of the Consolidation on trading in the Common Shares.
Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, the assumption that the Canadian Securities Exchange will not object to the proposed Consolidation and that the Consolidation will be completed as currently anticipated and on the timeline currently anticipated.
Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, that the Canadian Securities Exchange may object to the proposed Consolidation and use its discretion to prohibit the proposed Consolidation; that the Consolidation may not be completed by the Company on the timeline anticipated, or at all; and that the board of directors of the Company retains discretion over the terms and implementation of the Consolidation. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.