C3 Metals announced that its previously announced 1:13 share consolidation will be effective at the market opening on Tuesday, December 19, 2023.
Its shares will continue to trade on the TSXV under the ticker symbol “CCCM” and on the OTC Markets under the ticker symbol “CUAUF.”
C3 Metals’ outstanding common shares will be reduced from 804,504,235 to approximately 61,884,941, and no fractional shares will be issued.
The company's CEO Dan Symons noted that the company was undertaking the share consolidation from a position of strength.
“We have been providing positive drill results from our Bellas Gate project in Jamaica leading up to this consolidation,” he said.
“After closing an oversubscribed and upsized private placement of $8.05 million on November 15, 2023, we believe we are in an excellent position to continue to gain momentum through a well-funded and expanded drill program in Jamaica.”
He added that cleaning up the company's share structure was important to attract new institutional investors.
"With our recent positive exploration results, combined with the news flow we expect to generate from a well-funded and extended exploration program, we believe it is the right time to consolidate our share structure since we are doing so from a position of strength," Symons said.
C3 Metals is exploring the Americas for giant copper-gold deposits.