TORONTO: Almonty Industries Inc., a global tungsten producer, has filed articles of amendment to consolidate its common shares, with the change set to take effect next week. The move is intended to facilitate a potential Nasdaq listing, a statement said.
The company, traded on the Toronto Stock Exchange under AII, the Australian Securities Exchange, and the OTCQX under ALMTF, will implement a 1-for-1.5 share consolidation approved by shareholders at its April 30 annual meeting.
Post-consolidation trading on the TSX is expected to begin July 7, pending final exchange approval. The new CUSIP number will be 020398707, and the ISIN will be CA0203987072.
On the Australian Securities Exchange, trading of depositary interests representing the shares will start on a deferred basis July 8, with normal settlement resuming July 17.
After consolidation, Almonty expects roughly 195.9 million shares outstanding. No fractional shares will be issued—any fractions will be rounded down. Stock options and warrants will also be adjusted accordingly.
Registered shareholders will receive instructions from transfer agent Computershare Investor Services Inc. on exchanging share certificates. Non-registered holders should contact their brokers for details.
The TSX must still grant final approval for the consolidation.
Almonty Industries specializes in tungsten production, with operations in South Korea, Portugal, and Spain.