Cordoba Minerals Corp. (TSXV:CDB; OTCQB:CDBMF) announce that it will be proceeding with the previously approved Consolidation (defined below) of its issued and outstanding common shares.
As previously reported, the shareholders of the Company, voted in favour of the special resolution at the Company’s Annual General and Special Meeting held on September 25, 2020, to approve the Consolidation of its shares on the basis of up to one post-Consolidation share for up to every thirty pre-Consolidation shares, as may be determined by the Board of Directors of the Company in its sole discretion (refer to Cordoba’s news release dated September 25, 2020).
Cordoba’s Board recently met to discuss the Consolidation after receiving an independent report with recommendations on this corporate action. The Board has determined to proceed with the Consolidation, and has approved a ratio of one (1) post-Consolidation share for every seventeen (17) pre-Consolidation shares held effective at the opening of the market on February 9, 2021. The Company’s name and trading symbol for the Company’s shares on the TSX Venture Exchange will remain unchanged following the Consolidation. However, the Company’s trading symbol on the OTCQB will change to “CDBMD” for a period of 20 trading days after the consolidation is effected, after which it will revert back to “CDBMF”.
The Consolidation is subject to approval by the TSX Venture Exchange, and no fractional shares will be issued under the Consolidation. Letters of transmittal with respect to the Consolidation will be mailed upon completion of the Consolidation to all shareholders.
The Company will be undertaking the Consolidation to reduce the number of shares outstanding in order to increase the share price, which will allow the Company to attract additional investors who have minimum share price thresholds for equity investments.
The Company currently has 959,244,498 shares issued and outstanding, and immediately following the Consolidation will have approximately 56,426,147 shares outstanding. The Company’s issued and outstanding convertible securities will be adjusted in accordance with the terms of the Consolidation.