this is great news Vancouver, British Columbia – October 11, 2024 – Lake Winn Resources Corp. (TSXV: LWR, FSE: EE1A) (the “Company”) announces that it intends to consolidate the common shares in the capital of the Company (the “Common Shares”) on the basis of ten (10) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the “Consolidation”).
The Company currently has 75,243,306 Common Shares issued and outstanding, and following the Consolidation, the Company will have approximately 7,524,331 Common Shares issued and outstanding, prior to rounding for fractional shares.
The Consolidation was approved by the board of directors of the Company (the “Board”) on October 7, 2024 in accordance with the Articles of the Company, but remains subject to the approval of the TSX Venture Exchange (the “Exchange”). The Company will issue a further news release upon receiving Exchange approval, announcing the effective date of the Consolidation. The Company will not be changing its name in conjunction with the Consolidation.
Management and the Board is requesting the Consolidation as the current share structure does not allow the Company to raise sufficient funds to keep it operating as a going concern. The proposed Consolidation will allow the Company to attract new capital and enable the Company to