VANCOUVER, BC / ACCESSWIRE / November 29, 2024 / Battery X Metals Inc. (CSE:BATX)(OTCQB:BATXF)(FSE:R0W, WKN:A3EMJB) ("Battery X Metals" or the "Company") announces today the intention to consolidate all of its issued and outstanding common shares (the "Common Shares") on the basis of 3.3:1, with each three and one-third (3 1/3) pre-consolidated Common Shares being consolidated into one (1) post-consolidated Common Share (the "Consolidation"). Management anticipates that the Common Shares will commence trading on the Canadian Securities Exchange ("CSE") on a post-consolidation basis at market open on December 10, 2024.
In accordance with the Company's articles, shareholder approval will not be required for the proposed Share Consolidation. The proposed Share Consolidation has been approved by the Company's board of directors. Following the Share Consolidation, the Common Shares will begin trading on a consolidated basis under the existing Company name and trading symbol.
The proposed Consolidation would result in the number of issued and outstanding Common Shares being reduced from the current outstanding 70,930,153 Common Shares to approximately 21,493,985 Common Shares, subject to rounding. No fractional shares will be issued as a result of the Consolidation. Any fractional shares resulting from the Consolidation will be rounded down to the next whole Common Share, and no cash consideration will be paid in respect of fractional shares.
The board of directors of the Company believes the Consolidation will provide the Company with greater flexibility for future corporate activities, enhance the marketability of the Common Shares as an investment and lead to increased interest by a broader spectrum of potential investors, thereby increasing its ability to secure additional financing for operational and growth initiatives.
The Company will be obtaining a new CUSIP and ISIN number in connection with the Consolidation. The new CUSIP and ISIN numbers will be disclosed in a subsequent news release. The Company anticipates that the CSE will issue a bulletin to dealers advising of the Consolidation and effective date of trading on the consolidated basis.
About Battery X Metals Inc.
Battery X Metals Inc. (CSE:BATX) (OTCQB:BATXF) (FSE:R0W, WKN:A3EMJB) is committed to advancing the global clean energy transition through the development of proprietary technologies and domestic battery and critical metal resource exploration. The Company focuses on extending the lifespan of electric vehicle (EV) batteries, through its portfolio company, LIBRT1, recovering battery grade metals from end-of-life lithium-ion batteries, and the acquisition and exploration of battery and critical metals resources. For more information, visit batteryxmetals.com.
149% owned Portfolio Company
On Behalf of the Board of Directors
Massimo Bellini Bressi, Director
For further information, please contact:
Massimo Bellini Bressi
Chief Executive Officer
Email: mbellini@batteryxmetals.com
Tel: (604) 741-0444
Disclaimer for Forward-Looking Information
This news release contains forward-looking statements within the meaning of applicable securities laws, including statements related to the proposed Consolidation and the effective date thereof. Forward-looking statements reflect management's current beliefs, expectations, and assumptions based on available information as of the date of this release. However, these statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied. Such risks include, but are not limited to, failure to obtain regulatory approvals required to effect the Consolidation. Additional details regarding risks and uncertainties are available in the Company's filings on SEDAR+. The forward-looking statements in this news release are made as of the date hereof, and Battery X Metals disclaims any intention or obligation to update or revise such statements, except as required by law. Investors are cautioned not to place undue reliance on these forward-looking statements.
SOURCE: Battery X Metals
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