Element 79 Gold Corporation recently announced the effective date of their share consolidation. The company, which operated through their Australian subsidiary, focused heavily on mineral exploration activities. Shareholders of Element 79 Gold Corporation were required to exchange their existing certificates for the new, consolidated shares prior to the effective date or face being denied the new consolidated shares.
The share consolidation was intended to simplify the company’s share structure while still preserving the same degree of value. Element 79 Gold Corporation envisioned that the consolidation would make their shares more accessible to investors with easier to trade shares that would be less dilutive.
Once the effective date of the consolidation had been established, Element 79 Gold Corporation was then able to define the number of consolidated shares each existing shareholder would receive. shareholders with more than one existing share were to receive a single consolidated share in exchange and, conversely, shareholders with only one existing share were to receive the same number of consolidated shares as they had previously held.
To facilitate the exchange of shares, Element 79 Gold Corporation established an exchange register. The exchange register was intended to provide a list of all shareholders who had yet to exchange their existing shares for the consolidated shares and was updated as new exchanges were completed.
The share consolidation offered just one part of Element 79 Gold Corporation’s continual effort to simplify its share structure for investors. The company also achieved other consolidation milestones, such as combining the purposes of two or more existing applications for the same purpose into one application, reducing the holdings of large shares, and implementing a total price policy.
These consolidations and share reductions helped to further simplify Element 79 Gold Corporation’s corporate structure and allowed the company to maintain its value.
Overall, the effective date of the share consolidation offers a number of benefits to investors. By allowing investors to exchange their existing certificates for new, consolidated shares prior to the effective date, Element 79 Gold Corporation not only streamlined the company’s share structure but also preserved the value of the share. The exchange register allows for greater transparency, ensuring that all shareholders are able to exchange their existing shares for the new ones in a timely manner.