Medallion Resources Ltd has revealed plans to carry out a share consolidation, which will mean it can dual list its shares on Toronto's venture exchange along with the Nasdaq Capital Market (NasdaqCM) once it has uplisted on the latter.
The company said it will put forward an additional resolution as additional business at its upcoming annual general and special meeting of shareholders on May 27.
As reported last month, Medallion wants to position itself as a tech leader in the clean energy sector with a strengthened executive leadership team, listing on NasdaqCM, and rebranding as Medallion Innovations Corp.
"Current and prospective shareholders have reacted positively to our new strategy focused on the supply of materials and technologies for the energy transition and up-listing to Nasdaq," said Medallion president and CEO Mark Saxon.
READ: Medallion launches new clean energy technology strategy, including rebrand and Nasdaq listing
"Our Canadian shareholders have expressed a desire for our shares to be dual listed on the TSX-V, which we plan to address through the additional resolution at the Shareholders' Meeting."
Saxon added that there had also been a "universally" positive response to the firm's announcement that, upon completion of the up-list, Alfredo Ramos will join as CEO and director and that Dr. Kurt Forrester will expand his role to chief technology officer and continue as a director.
The share consolidation would be at a ratio sufficient to meet the initial listing requirements of NasdaqCM, namely a US$4.00 per share minimum bid price, up to a maximum consolidation ratio of 90 pre-consolidation shares for each post-consolidation share, added Medallion.
Based on recent trading prices around C$0.12 per share, a minimum consolidation ratio of around 45 pre-consolidation shares for each post-consolidation share would be necessary to achieve the NasdaqCM's minimum bid price requirement, it said,
Medallion is actively identifying key emerging technologies that can unlock bottlenecks within the supply of raw materials critical for the clean energy transition.
It also aims to produce REE by exploiting monazite, which is widely available as a by-product from mining mineral sands.
Notably, the Medallion process does not need mining to produce the rare earths and uses a high-grade by-product that typically goes to waste (monazite) and a design practice that maximizes energy and reagent re-use and produces zero liquid waste output.
Contact the author at giles@proactiveinvestors.com