Tethyan Resources PLC (LON:TETH) says its share consolidation plans have received TSX venture approval and will take effect on market open on November 20.
A special resolution was passed by shareholders on November 1 and the firm has now consolidated shares on a one-new-for-six-old (1:6) basis.
The name of the company has not been changed.
Earlier this week, the group said it was set to raise up to $3.15mln in a private placing, consisting of up to 10.5mln shares at 30 cents each on a post-consolidated basis.
Southern Arc Minerals Inc (CVE: SA), which owns 29.9% of Tethyan, plans to invest up to $950,000 and acquire up to 3.167mln shares in the financing. It will not exceed that percentage on closing of the placing.
Closing of the placing was subject to the completion of the previously announced 1:6 share consolidation and approval by the TSX Venture Exchange.