Sterling Metals Announces Consolidation and Corporate Update
Rhea-AI Summary
Sterling Metals Corp (TSXV:SAG, OTCQB:SAGGF) has announced a 10:1 share consolidation, reducing its outstanding common shares to approximately 24,838,793. The consolidation, approved by shareholders in July 2024, is expected to begin trading on TSX Venture Exchange around February 24, 2025.
The company has also provided a corporate update regarding its Copper Road Project. Following extensive fieldwork and an Induced Polarization survey announced in January 2025, Sterling has identified several high-priority drill targets. A minimum 2,000-meter diamond drilling program targeting copper porphyry potential is scheduled to commence in mid-March. Recent grab sample results have been processed to refine existing targets and guide future exploration efforts.
Positive
- Identified high-priority drill targets at Copper Road Project
- Planned 2,000-meter diamond drilling program starting mid-March 2025
- Share consolidation may improve stock marketability
Negative
- 10:1 share consolidation reduces number of outstanding shares
- Shareholders must process share certificate exchanges through transfer agent
TORONTO, ON / ACCESS Newswire / February 18, 2025 / Sterling Metals Corp. (TSXV:SAG)(OTCQB:SAGGF) ("Sterling" or the "Company") is pleased to announce that it has filed articles of amendment to consolidate its issued and outstanding common shares (each, a "Common Share") on the basis of ten (10) pre-consolidation Common Shares for one (1) post-consolidation Common Share (the "Consolidation"). The Consolidation was approved by shareholders of the Company at its annual and special meeting held on July 10, 2024. The Common Shares are expected to commence trading on the TSX Venture Exchange on a consolidated basis on or about February 24, 2025. A new CUSIP number (CUSIP: 85941M880 / ISIN: CA85941M8806) has been obtained to replace the previous CUSIP number.
Following the Consolidation, the Company will have approximately 24,838,793 Common Shares outstanding. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional Common Shares that would have otherwise been issued have been rounded down to the nearest whole Common Share. The change in the number of issued and outstanding Common Shares resulting from the Consolidation will not materially affect any shareholder's percentage ownership in the Company, although such ownership will be represented by a smaller number of Common Shares.
Letters of transmittal with respect to the Consolidation have been mailed to the Company's registered shareholders. All registered shareholders will be required to send their share certificates representing pre-Consolidation Common Shares, along with a properly executed letter of transmittal, to the Company's registrar and transfer agent, Computershare Investor Services Inc., in accordance with the instructions provided in the letter of transmittal. Shareholders who hold their Common Shares through a broker, investment dealer, bank or trust company should contact that nominee or intermediary for assistance in depositing their Common Shares in connection with the Consolidation. A copy of the letter of transmittal will be posted on the Company's issuer profile on SEDAR+ at www.sedarplus.ca.
Corporate Update
The Company has identified several high-priority drill targets through extensive fieldwork and the Induced Polarization (IP) survey announced in January 2025 at the Copper Road Project (the "Project"). Drilling is set to begin in mid-March, with a minimum 2,000 meters of diamond drilling, targeting copper porphyry potential in the heart of the Project. Additionally, final grab sample results have been processed, providing critical data to refine existing targets and guide future exploration.
Mathew Wilson, CEO and Director, commented, "We believe the time is now to tighten up our share structure ahead of a strategically planned drilling program at Copper Road. Through extensive data compilation and fieldwork, we are confident and excited about the targets we have selected and the initiation of drilling at the Project. We also believe that the timing of the rollback offers our shareholders improved marketability while positioning the Company for success as we deliver drilling results this year. We look forward to providing updates on the initiation of drilling and key details on the program as we head into March."
About Sterling Metals
Sterling Metals (TSXV:SAG) and (OTCQB:SAGGF) is a mineral exploration company focused on large scale and high-grade Canadian exploration opportunities. The Company is advancing the 25,000-hectare Copper Road Project in Ontario which has past production, and multiple breccia and porphyry targets strategically located near robust infrastructure and the 29,000-hectare Adeline Project in Labrador which covers an entire sediment-hosted copper belt with significant silver credits. Both opportunities have demonstrated potential for important new copper discoveries, underscoring Sterling's commitment to pioneering exploration in mineral rich Canada.
For more information, please contact:
Sterling Metals Corp.
Mathew Wilson, CEO and Director
Tel: (416) 643-3887
Email: info@sterlingmetals.ca
Website: www.sterlingmetals.ca
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 contains certain "forward-looking information" within the meaning of applicable securities laws. Forward looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
SOURCE: Sterling Metals Corp.
View the original press release on ACCESS Newswire
FAQ
What is the ratio of Sterling Metals' (SAGGF) share consolidation announced in February 2025?
How many shares will Sterling Metals (SAGGF) have outstanding after the February 2025 consolidation?
When will Sterling Metals' (SAGGF) consolidated shares begin trading on TSX Venture Exchange?
What are Sterling Metals' (SAGGF) drilling plans for the Copper Road Project in 2025?
