VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- CMC Metals Ltd. (TSX-V: CMB) (Frankfurt:ZM5P) ("CMC" or the "Company") CMC Metals Ltd. announces the consolidation of its common shares on the basis of a ten (10) pre-consolidation shares for one (1) new post-consolidation share (the "Consolidation") and a change of name to Walker Lane Resources Ltd. will occur on March 25, 2025 (the "Effective Date") as approved by the TSX Venture Exchange (the "Exchange").
As at the date of this news release, the Company has 164,420,419 common shares issued and outstanding. Upon completion of the Consolidation, it is expected that there will be approximately 16,442,042 common shares issued and outstanding. No fractional shares will be issued under the Consolidation and each fractional share following the Consolidation that is less than one-half of a share will be cancelled, and each fractional share that is at least one-half of a share will be rounded up to the nearest whole share. As applicable, the exercise or conversion price and the number of shares issuable under any of the company's outstanding stock options and convertible instruments will be proportionately adjusted.
Effective at the opening of trading on the Effective Date, the Company's pre-consolidated common shares will be delisted from the Exchange and the post-consolidated common shares will commence trading. The Company's new trading symbol will be WLR and the new CUSIP and ISIN are 931674105 and CA9316741052, respectively.
A letter of transmittal will be sent to registered shareholders providing instructions to surrender their pre-consolidated share certificates (the "Share Certificates") or Director Registration ("DRS") evidencing their shares for replacement Share Certificates or DRS representing the number of post-consolidated shares to which they are entitled as a result of the Consolidation. Until surrendered, each Share Certificate or DRS representing shares prior to the Consolidation will be deemed, for all purposes, to represent the number of shares to which the holder thereof is entitled as a result of the Consolidation.
The company's board of directors believes that the Consolidation is necessary to strengthen the overall position of the Company to avail new corporate development opportunities, a new corporate vision, and financing transactions.
On behalf of the Board:
"Kevin Brewer"
Kevin Brewer, President, CEO and Director
CMC METALS LTD.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc.(Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (+52) 669 198 8503
kbrewer80@hotmail.com
Suite 1000-409 Granville St., Vancouver, BC, V6C 1T2
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 release.
"This news release may contain certain statements that constitute "forward-looking information" within the meaning of applicable securities law, including without limitation, statements that address the timing and content of upcoming work programs, geological interpretations, receipt of property titles and exploitation activities and developments. In this release disclosure regarding the potential to undertake future exploration work comprise forward looking statements. Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks, including the ability of the Company to raise the funds necessary to fund its projects, to carry out the work and, accordingly, may not occur as described herein or at all. Actual results may differ materially from those currently anticipated in such statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, the timing and receipt of government and regulatory approvals, the impact of the constantly evolving COVID-19 pandemic crisis and continued availability of capital and financing and general economic, market or business conditions. Readers are referred to the Company's filings with the Canadian securities regulators for information on these and other risk factors, available at www.sedar.com. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation."
