The Toronto Stock Exchange refused to accept a proposal by Northair Mines (VSE) to consolidate the company’s stock on the basis of one new share for every five existing shares and to increase the authorized capital from 10 million to 20 million shares.
Northair said it did not meet criteria required by the TSE for a stock consolidation and will therefore make written application to voluntarily delist its shares from that exchange.
Northair shares were conditionally listed on the Vancouver Stock Exchange in early June, and the company will seek the consent of the VSE for the proposed consolidation not later than mid-July of this year.
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