Frankfield Explorations (ASE) is set to reorganize its share structure and change its name in an effort to raise funds for exploration on gold properties near Timmins, Ont., and Quebec.
Subject to shareholder approval, the company is planning to consolidate its shares on a 1-for-3 basis to reduce the number outstanding to 2.1 million from 6.4 million.
The company is also proposing to change its name to “Frankfield Consolidated” or any other named deemed acceptable to company directors and the Ministry of Consumer and Commercial Relations.
“Unless the shares are consolidated to a reasonable number, it will be difficult to raise significant new financing to carry on with further exploration on the corporation’s mining properties or make further acquisitions,” the company says.
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