Primary Energy Metals Inc (CSE:PRIM) (OTCMKTS:PEMTF) is set to to consolidate its shares on a 1:10 basis, after the board approved the move.
It means the Vancouver-based junior explorer will reduce the total number of shares in issue, while simultaneously increasing the nominal or par value of each of the shares.
Its shares outstanding will reduce to around 8.2 million from around 81.6 million.
Completion of the consolidation remains subject to the approval of the Canadian Securities Exchange.
Primary Energy is focused on vanadium, cobalt, copper and nickel-focused mineral resource properties to create value.
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