African Gold Group Inc said it is set to become Toubani Resources Inc on June 15, 2022, after shareholders approved the name change.
At the meeting on June 8 this year, shareholders also approved a 3:1 share split, which means the group's share capital will be consolidated on the basis of one post-consolidation share for every three pre-consolidation shares held.
As a result, the number of outstanding shares will be reduced to 72,199,014. Management believes this will mean the firm can gain "greater exposure to investors that are not willing to trade equity stocks below a certain threshold" and increase the company's liquidity.
READ: African Gold Group says preparations for ASX listing are progressing well
African Gold Group said its stock symbol on the TSX Venture Exchange will change to 'TRE' and its shares will begin trading on a consolidated basis on June 15 this year.
The company is an explorer and developer, focused on building Africa’s next mid-tier gold producer.
The company said it has a highly experienced board and management team with a proven track record in the African mining sector, operating mines from development through to production.
The flagship asset is its Kobada project in southern Mali, which is in an advanced stage of development, having completed the 2020 definitive feasibility study (DFS), and is targeting gold production of 100,000 ounces a year.
As well as the initial Kobada project, other exploration locations have been identified on the Kobada, Farada and Kobada Est concessions, offering potential to increase the resource.
Contact the writer at giles@proactiveinvestors.com