PTX Metals arranges 1:4 share rollback
2024-09-03 19:54 ET - News Release
Mr. Greg Ferron reports
PTX METALS INC. ANNOUNCES SHARE CONSOLIDATION
PTX Metals Inc. will be proceeding with the consolidation of its common shares on the basis of one postconsolidated common share for four preconsolidated common shares approved by shareholders on July 13, 2022.
The company has made progress in advancing its mineral projects and expects that the share consolidation will provide greater flexibility as it continues to develop these projects. Additionally, the company anticipates that the share consolidation will align shareholders for the potential distribution of common shares in its subsidiaries.
The company currently has 370,213,062 common shares outstanding, and, accordingly, expects 92,553,265 common shares to be outstanding on completion of the share consolidation (subject to rounding adjustments and any further share issuances prior to the share consolidation). The company's outstanding convertible securities will also be adjusted in accordance with their terms to reflect the share consolidation.
Completion of the share consolidation remains subject to the approval of the Canadian Securities Exchange. The company will announce the effective date of the share consolidation prior to completion by press release.
The company closed on Aug. 23, 2024, a private placement of $300,000 to one investor at three cents by issuing 10 million flow-through share. The company paid 6-per-cent cash finder fee.
About PTX Metals Inc.
PTX Metals is a minerals exploration company with two flagship projects situated in Northern Ontario, renowned as a world-class mining jurisdiction for its abundance of mineral resources and investment opportunities. The corporate objective is to advance the exploration programs toward proving the potential of each asset, which includes the W2 copper nickel PGE (platinum group element) project and South Timmins joint venture gold projects.
The portfolio of assets offers investors exposure to some of the world's most valuable metals, including gold, as well as essential metals critical for the clean energy transition: copper, nickel, uranium and rare metals. The projects were acquired for their geologically favourable attributes and proximity to established mining producers. PTX work programs are designed by a team of expert geologists with extensive career knowledge gained from their tenure working for global mining companies in Northern Ontario.
PTX Metals is based in Toronto, Canada, with a primary listing on the Canadian Securities Exchange under the symbol PTX. The company is also listed in Frankfurt under the symbol 9PF and on the OTCQB in the United States as PANXF.
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