Lion Copper Corp. has completed its name change from Lion Copper and Gold Corp. and a 27-for-1 share consolidation. The event took place on Monday, with trading under the new name and symbol commencing at market open. The consolidation resulted in approximately 15,975,396 common shares outstanding, subject to final rounding adjustments. Entitlements of 0.5 or greater were rounded up to the nearest whole share, while those below 0.5 were rounded down. No cash was paid for fractional shares.
The name change and share consolidation were undertaken in connection with the company's application to list on the Nasdaq Capital Market. The move is intended to help satisfy Nasdaq’s minimum bid price requirement, although the listing remains subject to Nasdaq review and satisfaction of requirements. Lion Copper is advancing its copper project in Yerington, Nevada, through an earn-in agreement with Nuton LLC, a Rio Tinto venture.
John Banning, Chief Executive Officer of Lion Copper, stated that the name change "better reflects the Company we have become and our focus on developing a significant source of domestic U.S. copper." He added that the consolidation "represents an important step in our planned Nasdaq listing process."
For shareholders holding physical certificates, instructions for exchanging certificates were sent by Computershare Trust Company of Canada. No action is required for shareholders holding shares in book-entry form or through intermediaries. The security identifiers for the post-consolidation shares are CUSIP number 53621C101 and ISIN number CA53621C1014.
