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Cavan Ventures to consolidate shares on 1-for-5 basis

Cavan Ventures Inc. intends to consolidate its common shares on the basis of up to one new share for every five existing shares.

Following the consolidation, the number of the company's shares on issue will shrink from 73,940,826 shares to 14,788,165 shares, according to a Jan. 23 statement.

The consolidation is subject to TSX Venture Exchange approval.

Cavan's assets include various graphite claims in Ontario and Quebec.