Ardiden proposes consolidation of capital
Australia-listed Ardiden said on Friday it will seek shareholder approval at its upcoming annual general meeting (AGM) to consolidate the issued capital of the company through the conversion of every 43 existing shares into one share.
The consolidation will reduce the number of shares currently on issue from 2 688 335 356 to about 62 519 426, and effectively increase the value of the company’s assets per share by a factor of 43.
“The consolidation will provide a more effective capital structure of the company and a more appropriate share price for a wider range of investors,” Ardiden said in a statement.
The AGM is scheduled for November 22.
The company is focused on gold exploration at the Pickle Lake gold project in Ontario, Canada.
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