Europa Metals Ltd (LON:EUZ) said it will ask shareholders to approve a 500-for-one share consolidation as part of its annual general meeting next month.
The lead-zinc and silver projects developer said the AGM will be held online on 15 July due to coronavirus social distancing.
WATCH: Europa Metals' Laurence Read outlines share consolidation and plans for constitution amendments
Management said the share consolidation was to “bring the total number of shares in issue more in line with AIM market norms and reduce volatility”.
Further to a cost cutting programme already implemented at the beginning of the coronavirus outbreak, the board is seeking to put in place a new share option plan to help incentivise key staff.
Europa recently unveiled results from the second phase metallurgical testing at its Toral project, which is situated in the Castilla y León region in north-west Spain, that it said demonstrated the potential for high-grade saleable and marketable lead and zinc, with recovery results at the higher end of management’s expectations.