Metalla Royalty & Streaming Ltd (CVE:MTA) (OTCMKTS:MTAFF) has applied to list its shares on the NYSE American, it said on Tuesday.
The royalty and streaming company said its shares will trade on the exchange under the symbol “MTA” and a trading date will be announced once regulatory requirements are completed.
The listing marks a major milestone for the Vancouver-based company as it opens up to a potentially rich pool of new investors, CEO Brett Heath told investors.
"Listing on the NYSE American represents a significant milestone in the growth of the company,” Heath said in a statement.
“The listing will materially increase Metalla's exposure to a larger and more diverse group of institutional and retail investors as we continue to grow our portfolio of precious metals royalties and streams.”
As part of the planned listing, Metalla’s board and executives are planning a share consolidation to meet NYSE American’s requirements, it said in a statement.
Shares will be consolidated on a 4:1 basis by December 17, 2019. The company currently has just over 135 million shares outstanding and expects to have around 33.7 million outstanding post-consolidation.
“The share consolidation allows for Metalla to meet the minimum requirements for the NYSE American, which we believe will improve trading liquidity and expand our globally diverse shareholder base,” Heath said.
In order to maintain the same dividend payment that the company promised to shareholders in November, the per share payment will be automatically adjusted to C$0.004 per share, Metalla told shareholders.
The company’s consolidated shares are expected to begin trading on the TSX Venture Exchange on December 19.
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