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Americas Silver undertakes 1-for-12 share consolidation for NYSE MKT listing

Americas Silver Corp. said Dec. 22 that its board approved a share consolidation on the basis of 1 post-consolidation share for 12 pre-consolidation shares to satisfy one of the requirements for a listing on the New York Stock Exchange.

The company is targeting to list in the NYSE MKT in January 2017, subject to the board's discretion and the completion of the other listing requirements, and the share consolidation will allow Americas Silver to meet the NYSE MKT's share price requirement of at least US$2.00.

According to Americas Silver, the proposed share consolidation ratio will also allow for a buffer over the required initial share price for the NYSE MKT listing given the recent commodity price volatility.

The consolidation took effect in Dec. 21, reducing the miner's outstanding shares to 39,540,409 common shares, and the post-consolidation shares are expected to start trading on the Toronto Stock Exchange on Dec. 28.