China Natural Resources, Inc. (CHNR), a British Virgin Islands ("BVI") company announced 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. No fractional shares will be issued as a result of the share combination. Instead, any fractional shares that would have resulted from the combination will be rounded up to the next whole share. The share combination affects all shareholders uniformly and will not alter any shareholder's percentage interest in the Company's outstanding common shares, except for adjustments that may result from the treatment of fractional shares. All outstanding options, warrants and other rights to purchase the Company's common shares will be adjusted proportionately as a result of the share combination.
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 8,189,617 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.
