GGX Gold Corp (CVE:GGX) (OTCMKTS:GGXXF) said has moved to consolidate the outstanding common shares of the company on a three to one basis, the firm said Wednesday.
GGX said its common shares will start trading on a consolidated basis on June 14, 2019. Following the change, there will be about 16,949,360 shares issued and outstanding.
The firm said the consolidation would be on the basis of three pre-consolidation shares for one post-consolidation share.
The firm said under the terms of the proposed consolidation, no fractional shares will be issued and any fractional shares created as a result of the consolidation will be rounded up or down to the nearest whole number.
Last week, the firm announced it has now completed 20 diamond drill holes on the COD vein at the Gold Drop project in British Columbia since the exploration season began in mid-April. Ten of the holes hit the COD quartz vein at their target depths, of which eight were visibly mineralized with pyrite.
Shares of GGX were at C$0.07 on Wednesday.
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