Pan American Energy Announces Share Consolidation Initiative
CALGARY, Alberta — Pan American Energy Corp. (CSE: PNRG | OTCQB: PAANF | FRA: SS60) is excited to share updates regarding its share consolidation plan, as outlined in its recent news release.
Understanding the Share Consolidation Process
The Company is moving forward with a consolidation process which will convert ten existing common shares into one post-consolidation common share. This means that shareholders can expect to see significant changes in the number of shares they hold, with the record date set for the transition.
Current Share Structure
As of now, the Company has approximately 105,979,236 shares in circulation. Post consolidation, the total will reduce to about 10,597,923 shares, following the conversion. It’s important to note that shareholders won't receive fractional shares. Instead, any fractional shares resulting from this adjustment will be rounded appropriately, ensuring fair and equitable distribution.
Retaining Key Company Identifiers
Despite the changes to share structure, the Company's name and trading symbols will remain the same. This provides stability and continuity for investors. The CUSIP number for the new shares will be 69783Y301, aligning with the planned adjustments.
Actions Required by Shareholders
Registered shareholders will receive a letter of transmittal detailing required actions for those holding physical certificates. It's crucial to follow these instructions to ensure that shares are exchanged without issue. For shareholders without physical certificates, the transition will be automated, and no additional steps will be required.
About Pan American Energy Corp.
Pan American Energy Corp. is a leading exploration company primarily focused on mineral properties containing battery metals across North America. The Company is dedicated to advancing its initiatives in resource development while ensuring shareholder value.
Collaborations and New Ventures
Recently, Pan American made significant strides through an agreement with Magabra Resources, securing a 75% interest in the promising Big Mack Lithium Project. This flagship project, located approximately 80 kilometers north of Kenora, Ontario, exemplifies the Company's commitment to expanding its footprint in the battery metals sector.
Future Outlook and Shareholder Communication
For ongoing updates about the Company and its initiatives, shareholders are encouraged to register for investor updates. This ensures that they remain informed about critical advancements and opportunities within Pan American.
Contact Information
For further inquiries, Paul Gorman, the CEO, can be reached directly via phone at (587) 885-5970 or through email. The Company emphasizes the importance of accessible communication as part of its commitment to transparency.
Frequently Asked Questions
What is the purpose of the share consolidation by Pan American Energy?
The share consolidation helps streamline the capital structure, potentially increasing share value and attracting more investors.
When will the share consolidation take place?
The record date for the share consolidation is set, although precise timing is dependent on shareholder actions and regulatory processes.
How will shareholders be notified about the consolidation?
Registered shareholders will receive a letter of transmittal instructing them on how to exchange pre-consolidation shares for post-consolidation shares.
What happens to fractional shares post-consolidation?
Fractional shares will be rounded up or cancelled based on predetermined criteria, ensuring fairness in the consolidation process.
Is there any action required for shareholders without physical share certificates?
No action is required. Shareholders without physical certificates will receive new DRS advice automatically representing their post-consolidation shares.
