Power Metal Resources plc has reduced the number of its shares in issue from 2.2 billion to 100m after receiving approval at yesterday’s general meeting.
Shareholders voted 80.05% in favour and 19.95% against to consolidate every 20 ordinary shares of 0.1p each in issue into one new ordinary share of 2p each.
Following admission, Power Metal’s issued share capital will comprise 110,673,417 new ordinary shares with voting rights.
The company’s issued share capital prior to the shares consolidation and following its February £1.3m fundraise was 2,213,468,324 ordinary shares.