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MAG Copper to undertake 1-for-5 share consolidation

Mag Copper Ltd. said Jan. 30 that it will consolidate its outstanding share capital on the basis of one post-consolidation share for every five pre-consolidation shares.

The consolidation — approved by the company's shareholders during the June 21, 2016 annual and special meeting — will reduce the company's current 23,947,516 common shares outstanding to about 4,789,503 shares.

Subject to the Canadian Securities Exchange's final confirmation, MAG Copper's shares are expected to start trading on a post-consolidated basis by Feb. 2 under its current QUE ticker.

In addition, the company elected Lisa McCormack to its board and announced the resignations of Terry Loney, John Carter and Dan Weir.