The board of directors of Dufresnoy, Societe d’Exploration Miniere (ME) have proposed a reverse split of the capital stock of the company based on a ratio of five class A shares for one new common share.
Dufresnoy says the proposed split is part of a new business plan to reactivate the company’s exploration projects in Quebec. Since Teck (TSE) withdrew from the Barry Or project, there has been no work done on Dufresnoy’s claims.
Shareholders will vote on the reorganization at a meeting on Oct. 20. If the plan is approved, the company intends to proceed with a public financing.
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