-- BeMetals' (BMET.V) common shares will resume trading on the TSX Venture Exchange (TSXV), effective at the open of market on May 5, it said Friday.
The company also received approval from the TSXV to consolidate its outstanding common shares on the basis of one new common share for every 10 common shares. The reverse stock split will take effect at the start of trading on May 8.
The 294.4-million common shares issued and outstanding prior to the consolidation will be reduced to about 29.4-million common shares, the company said. It expects to send letters of transmittal to registered holders of its common shares for use in transmitting their existing share certificates to its registrar and transfer agent in exchange for new certificates representing the number of post-consolidation common shares to which each shareholder is entitled.
The company's shares last traded Apr. 15, closing at $0.06 on the TSXV.