Elemental Altus Moves Forward with Share Consolidation Plans
Elemental Altus Announces Share Consolidation
Elemental Altus Royalties Corp. (TSXV: ELE) and (OTCQX: ELEMF) is making significant strides in its strategy aimed at facilitating a US listing. The Company is embarking on a share consolidation process designed to enhance its market standing. Specifically, this consolidation will take effect on a one-for-ten basis, meaning that for every ten shares currently held, shareholders will receive one new share.
Rationale Behind the Consolidation
The decision to proceed with the share consolidation comes as part of Elemental Altus' efforts to elevate its share price to meet the minimum requirements set for US exchanges. This move aligns with the Company's previously announced merger plans with EMX Royalty Corporation. By consolidating shares, the Company aims to attract a broader array of investors and enhance liquidity in its stocks.
Shareholder Approval
Shareholders overwhelmingly supported this initiative during a recent special meeting, approving the consolidation with 99.48% of votes in favor. This strong backing underlines the confidence shareholders have in the Company's prospects and strategic direction.
Effective Date and Details of the Consolidation
The consolidation is anticipated to take effect around mid-September, contingent upon final approval from the TSX Venture Exchange. Upon completion, the common shares will bear a new CUSIP number: 28619K208, with the associated ISIN set as CA28619K2083. These identifiers will help reflect the changes in the Company's equity structure post-consolidation.
Impact on Shareholders
Importantly, this consolidation does not compromise the rights of existing shareholders. There will be no fractional shares issued, and any entitlements to fractional shares will be rounded down to whole shares. For shareholders holding physical certificates, Computershare Investor Services Inc., the Company's transfer agent, will provide detailed instructions for exchanging pre-consolidation certificates for the new certificates.
Guidance for Broker-held Shares
Shareholders with their Common Shares held in brokerage accounts won't have to engage in any actions concerning the consolidation. Instead, they are encouraged to consult with their brokers for guidance and answers to any queries related to the consolidation process.
The Vision of Elemental Altus
Elemental Altus is committed to being a key player in the precious metals sector. As an income-generating royalty company, it boasts a portfolio of ten producing royalties and various promising pre-production and discovery-stage assets. The objective is to build a prominent global gold royalty enterprise, providing investors with reduced risks while capitalizing on the favorable opportunities in the gold market.
The management maintains a forward-looking perspective as it continues to execute its strategic plans and pursue growth avenues that benefit its shareholders and stakeholders alike.
Frequently Asked Questions
What is the purpose of the share consolidation?
The share consolidation aims to align Elemental Altus' share price with the minimum requirements for a US listing.
When is the expected effective date of the consolidation?
The consolidation is expected to become effective in mid-September, subject to approval from the TSX Venture Exchange.
How will the share consolidation affect existing shareholders?
Shareholders will retain their rights, and no fractional shares will be issued; any fractions will round down.
What new identifiers will the shares have after consolidation?
The new CUSIP number will be 28619K208 and the ISIN will be CA28619K2083.
Where can shareholders get more information?
Shareholders can contact Computershare Investor Services or their brokers for detailed information regarding the consolidation process.
About The Author
Contact Lucas Young privately here. Or send an email with ATTN: Lucas Young as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.
