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Canex Energy to undertake 1-for-5 share consolidation

Canex Energy Corp. on Jan. 26 said its board approved a proposed share consolidation on a 1-for-5 basis.

The consolidation will reduce the company's 10,906,080 shares outstanding to about 2,181,216 shares, and it remains subject to shareholder and TSX Venture Exchange approval.

The company will seek shareholders' approval in a March 22 annual and special meeting.