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Maverix Metals proposes share consolidation in anticipation of US listing

Maverix Metals Inc announced Tuesday that it is planning to seek a US listing to expand its shareholder base

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The junior exploration company currently has around 216 million shares outstanding

Maverix Metals Inc (CVE:MMX) announced Tuesday that it is planning to seek a US listing to expand its shareholder base.

The Vancouver-based company, which currently trades on the TSX Venture Exchange, is proposing a consolidation of issued and outstanding shares, on the basis of one post-consolidation share for every two pre-consolidation shares.

"A consolidation would allow Maverix to pursue a dual listing on a U.S. stock exchange, which is consistent with our strategy of expanding our potential shareholder base,” said Dan O'Flaherty, Maverix’s president and CEO. "This would be an exciting step in the growth of the company."

READ: Maverix Metals adds to royalty portfolio with new silver stream in Honduras

The junior exploration company currently has around 216 million shares outstanding.

If shareholders vote in favour of consolidation, the move would reduce the number of issued and outstanding shares to around 108 million, with the exercise price proportionately adjusted based on the consolidation ratio.

The consolidation is subject to TSX Venture Exchange approval.

Maverix currently has a portfolio of 79 royalties and streams, of which 12 are producing mines.

Shares of Maverix eased 1.8% on Tuesday to sit at C$2.71 in Canada.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

 

Quick facts: Maverix Metals Inc

Price: 5.48 CAD

TSX:MMX
Market: TSX
Market Cap: $592 m
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