Shells are dime a dozen in this mkt...Perhaps if the Venture Exchange were trading at 1600 instead of 600.
Cease trade orders and rollbacks happen weekly, here is one from today...
value is approximately $330K.
Neonmind to roll back shares one for 30
2023-01-19 17:58 ET - News Release
Mr. Rob Tessarolo reports
NEONMIND ANNOUNCES CONSOLIDATION
In preparation for a reverse merger transaction with Lancaster Lithium Inc. as previously announced on Dec. 14, 2022, Neonmind Biosciences Inc. intends to consolidate its issued and outstanding common shares on the basis of one postconsolidation common share for 30 preconsolidation common shares.
Lancaster Lithium holds the exclusive option to acquire a 100% interest in the Alkali Flat lithium brine project in southwestern New Mexico, USA. The 233 claim Alkali Flat property has competitor claims immediately north and regional geophysical and geochemical data providing a strong foundation for exploration. Sediment surveys and studies, including the National Uranium Reconnaissance program (NURE) and recent soil sampling, with samples containing high levels of lithium such as 124 ppm Li in sediment samples and 4,896 ppb Li in water samples, have led Lancaster Lithium to characterize Alkali Flat as a distinct lithium brine target area.
January 25, 2023 is set as the record date of the Consolidation. The Company's name and trading symbol will remain unchanged.
The Company currently has 33,702,475 Common Shares issued and outstanding. Following the Consolidation, there will be approximately 1,123,404 Common Shares issued and outstanding. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.
The new CUSIP and ISIN numbers for the post-Consolidation Common Shares will be 64051V402 and CA64051V4029, respectively.
A letter of transmittal will be mailed to registered shareholders providing instructions with respect to surrendering share certificates representing pre-Consolidation Common Shares in exchange for post-Consolidation Common Shares issued as a result of the Consolidation. Until surrendered, each certificate representing pre-Consolidation Common Shares will be deemed to represent the number of post-Consolidation Common Shares the holder received as a result of the Consolidation. Shareholders who hold their Common Shares in brokerage accounts or in book-entry form are not required to take any action.
In accordance with the Company's Articles, the Consolidation will not require shareholder approval. Outstanding Neonmind stock options and share purchase warrants will also be adjusted by the Consolidation ratio and the respective exercise prices of outstanding options and share purchase warrants will be adjusted accordingly.
The Consolidation is subject to the acceptance of the Canadian Securities Exchange.
About Neonmind Biosciences Inc.
Neonmind has been engaged in drug development of psychedelic compounds with two lead psilocybin-based drug candidates targeting obesity. On December 14, 2023 the Company announced that it had entered into a reverse merger agreement with Lancaster Lithium Inc.
About Lancaster Lithium Inc.
Lancaster Lithium is a lithium exploration company on a path towards sustainable and responsible lithium production for the growing lithium-ion battery market. With a highly experienced team and a flagship high-potential lithium project in New Mexico, Lancaster Lithium is positioning itself to become a major player in the global lithium industry. It holds the exclusive option to acquire a 100% interest in the Alkali Flat lithium brine project in southwestern New Mexico, USA.
We seek Safe Harbor.