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Corazon Mining Ltd. (ASX:CZN) announces shares consolidation plan, 1 for every 20 shares held

Battery metals explorer, Corazon Mining Ltd. (ASX:CZN) seeks approval of the shareholders to consolidate the issued capital of the company.

The proposed consolidation of the issued capital will be based on the number of shares held. Each of the 20 shares currently held is proposed to be consolidated into 1 share, reducing the total number of shares on issue to over 162.68 million from the current 3.253 billion.

Under the consolidation program, the number of options on the issue will also be consolidated in a similar manner, 1 for 20 basis, increasing the exercise price of the options in inverse proportion to the consolidation ratio.

The approval for consolidation will be sought during the proposed general meeting scheduled on 21 January 2021. The consolidation would simplify and create a more efficient capital structure. Corazon considers the consolidation as a favourable platform for the continued growth story and also, views it to provide a capital structure suitable for the firm’s size and in line with the peer companies.

The company believes that the consolidation of shares may result in delivering a share price which may be more attractive for investors and may lower the share price volatility.

Corazon traded at $0.002 a share on 16 December 2020 at 11:43 AM AEDT with a market capitalisation of $9.76 million.

All financial information pertains to Australian Dollars unless stated otherwise.

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