Fieldex Exploration Inc. on Dec. 19 said it secured conditional approval from the TSX Venture Exchange to consolidate its common shares on a 1-for 10 basis.
Following consolidation, the company's 103,286,798 shares will be reduced to 10,328,680 shares.
The consolidation does not entail a name change, and the company's shares will continue to trade under the symbol FLX.
The company's board believes that the proposed share consolidation will better position Fieldex to raise equity financing in light of the continuing difficult market conditions.
Fieldex will soon release the effective date of the share consolidation.