Bam Bam Resources (CSE:BBR) Corp said its board of directors has approved a consolidation of the company's common shares on the basis of one post-consolidated share for every 10 pre-consolidated shares and a related name change.
In conjunction with the consolidation, the company will change its name to Majuba Hill Copper Corp and intends to change its trading symbol on the Canadian Securities Exchange to JUBA.
The company currently has 187,788,818 common shares and following the consolidation, it will have approximately 18,778,881 common shares issued and outstanding.
READ: Bam Bam Resources poised for drill start at Majuba Hill, Nevada middle of next month
No fractional shares will be issued but will be rounded as provided for in section 83(1) of the Business Corporations Act (British Columbia).
A news release will be issued later to announce the effective date in which it will commence trading under the new name, symbol and CUSIP number, it added.
The company also said it has granted an aggregate 10,250,000 restricted share units (RSUs) to directors and consultants of the company. The RSUs are valid for one year and are governed by the company's RSU Plan approved by shareholders on December 2, 2019.
Bam Bam Resources (CSE:BBR) aims to acquire latter-stage copper and copper/silver/gold assets in direct response to the growing worldwide demand and lack of supply for precious metals in the US and most other developed nations serious about addressing climate change. Its flagship project is the Majuba Hill copper, silver and gold District located 156 miles outside Reno, Nevada, USA.
Contact the author at jon.hopkins@proactiveinvestors.com