China Natural Resources' Board Approves 5-to-1 Share Combination
(RTTNews) - China Natural Resources, Inc. (CHNR) announced Friday that the board of directors of the Company has approved a five-to-one share combination of issued and outstanding common shares, without par value, of the Company.
No shareholders' approval of the share combination is required pursuant to BVI law. The share combination is expected to be effective at the market opening on April 3, 2023, at which time the Company's common shares will begin trading on the Nasdaq Capital Market on a combination-adjusted basis.
The Company's common shares will continue to trade under the symbol "CHNR" but with a new CUSIP number, G2110U117.
Upon the effectiveness of the share combination, every five issued and outstanding common shares will automatically be converted into one issued and outstanding common share.
The share combination is intended to increase the per share trading price of the Company's common shares to satisfy the $1.00 minimum bid price requirement for continued listing on the Nasdaq Capital Market.
Following the share combination, the Company will have approximately 8.19 million common shares issued and outstanding, exclusive of shares issuable under outstanding options and warrants. The share combination will not affect the number of total authorized common shares of the Company.
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