Pacific North West Capital Corp. on Jan. 25 said it filed an application to the TSX Venture Exchange to change its name to New Age Metals Inc. and undertake a share consolidation on the basis of 1 post-consolidation share for 3 pre-consolidation shares.
According to the company, the new name better reflects its business plan and two mineral divisions. The share consolidation, meanwhile, was proposed due to market conditions, regulatory minimum pricing requirements for financings and other considerations.
The proposed consolidation will reduce Pacific North's outstanding 100,098,596 common shares to about 33,366,199 post-consolidation shares.
Both the name change and the share consolidation remain subject to regulatory approval, and the company expects to close the transactions in early February. Until the approvals are secured, Pacific North's pre-consolidation shares will continue trading under the company's PFN ticker.