HighCliff Metals Corp. Announces Proposed Consolidation
Highcliff Metals Corp. (TSXV: HCM.H) (OTC: IMAHF) ("Company") announces that it intends to consolidate all of its issued and outstanding common shares (the "Common Shares") on the basis of four (4) pre-Consolidation Common Shares for every one (1) post-Consolidation Common Share (the "Consolidation"). The Common Shares will continue to trade on the NEX under the symbol "HCM.H," and the Company's name will not change. There are currently 18,673,028 Common Shares issued and outstanding prior to completion of the Consolidation. Upon completion of the Consolidation, there are expected to be approximately 4,668,257 Common Shares issued and outstanding, subject to adjustment for fractional Common Shares. No fractional Common Shares will be issued as a result of the Consolidation. Fractional Common Shares equal to or greater than one-half (1/2) will be rounded up to the nearest whole number. Fractional Common Shares of less than one-half (1/2) will be cancelled without any repayment of capital or other compensation.
In accordance with the Policy of the NEX board ("NEX") of the TSXV Venture Exchange (the "Exchange") and Policy 5.8 of the Exchange, shareholders of the Company holding more than 50% of the outstanding Common Shares as at February 28, 2025 will need to approve the Consolidation, which the Company plans to obtain by written consent.
Management of the Company believes that the Consolidation will provide the Company with a share structure that will better attract future capital financing and enhance growth opportunities.
Completion of the Consolidation is subject to approval by the Exchange.
About the Company
The Company is a mineral exploration company listed on the Exchange. The Company currently has no current mineral properties and is seeking to identify and acquire a new mineral property.
For further information contact:
Barry Girling
778 772 9947
bgirling@highcliffmetals.com
This News Release includes certain forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions, and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: ability to complete the complete the private placement financing, acquire a new mineral property and uncertainty of access to additional capital. Accordingly, actual and further events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
