Toronto-listed MineHub Technologies will look to consolidate its issued share base in 2024, potentially halving the outstanding stock. This week’s C$2.5 million announced raise at 11c-a-share will meanwhile put more than 22.7 million shares into circulation.
The new issue price is below MineHub’s 2023 closing price of 12.5c. It finished the year about 70% down on its 2023 starting price.
MineHub, a participant in the metals and mining-focused blockchain market, had nearly 100 million shares outstanding at the end of 2023.
The two-for-one share consolidation “will be confirmed at a future time, following the company’s receipt of approval from the TSX-Venture”, MineHub said.
“The company believes that the consolidation is needed to strengthen its capital structure.”
