Bowmore Exploration Ltd. said June 1 that it will change its name to Osisko Metals Inc. to create a new base metal exploration and development company focused on zinc in Canada, forming part of the Osisko group, with Osisko Gold Royalties Ltd. as a significant shareholder owning a 20.5% stake.
The miner also plans to conduct a share consolidation on the basis of 1 post-consolidation share for 3 pre-consolidation shares, concurrent with the name change, to better prepare for future growth.
Insiders and major shareholders holding a total stake of over 60% in the company have expressed support for the consolidation, which leaves Bowmore with 29,580,320 shares issued and 32,913,098 shares outstanding on a fully diluted basis.
The company will start trading under its new name and OM ticker, and on a post-consolidation basis after receiving the TSX Venture Exchange's approval for the transactions.
In the same statement, Bowmore said Jeff Hussey was nominated as its incoming president and CEO. Hussey will succeed the company's current president, Paul Dumas, who will remain with the miner as CFO and vice president for finance.