Mooncor Oil & Gas Corp. (TSXV: MOO.V) proposed a consolidation of its common shares, the company said Jan. 7. The proposal would allow Mooncor’s board of directors to consolidate the shares, up to 10 pre-consolidation shares for one post-consolidation share basis. The consolidation will be considered at a Jan. 29 shareholders’ meeting, the company added.
There are roughly 149,934,520 shares issued and outstanding currently, the company said.
The company’s management said that successful consolidation would provide flexibility for Mooncor to amend its capital structure, attract business opportunities and complete future financings.
Shareholders’ proportionate ownership, or their rights, will not be affected, the company added.
After the consolidation, common shares will be fully paid and non-assessable. Shares will stand at 14,993,452 subject to rounding, the company said.
Mooncor Oil & Gas is an independent, junior oil and gas exploration and development company based in Calgary.
Recommended Reading
Oceaneering Won $200MM in Manufactured Products Contracts in Q4 2023
2024-02-05 - The revenues from Oceaneering International’s manufactured products contracts range in value from less than $10 million to greater than $100 million.
E&P Highlights: Feb. 5, 2024
2024-02-05 - Here’s a roundup of the latest E&P headlines, including an update on Enauta’s Atlanta Phase 1 project.
CNOOC’s Suizhong 36-1/Luda 5-2 Starts Production Offshore China
2024-02-05 - CNOOC plans 118 development wells in the shallow water project in the Bohai Sea — the largest secondary development and adjustment project offshore China.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
US Drillers Add Oil, Gas Rigs for Third Time in Four Weeks
2024-02-09 - Despite this week's rig increase, Baker Hughes said the total count was still down 138 rigs, or 18%, below this time last year.