A junior miner out of Vancouver announced a move Monday geared to its investors.
Opawica Explorations Inc. (TSX-Venture:OPW) said its Board of Directors finalized its decision to consolidate the issued and outstanding common shares of the Company on a basis of one new common share for every two existing common shares.
For the time being, there are just over 16 million common shares issued and outstanding and following the Share Consolidation, just over eight million common shares will be issued and outstanding. The consolidation is expected to be put in as soon as possible.
The board says the idea is to provide Opawica with more flexibility to seek additional financing opportunities and strategic acquisitions.
OPW owns 100% interest subject to certain royalties in the Bazooka gold property located in the Beauchastel Township approximately seven kilometres southwest of Rouyn-Noranda, Quebec. The Bazooka property comprises seven contiguous kilometres of strike length along the prolific Abitibi Gold Belt on the Cadillac Larder Lake Break.
Shares in OPW approached noon on Monday up a penny, or 22.2%, to five and a half cents, on volume of 54,000.