The price of Sentinel Resources Corp. (OTCPink: SNLRF) rose 132.75 percent to $0.2402 at the close yesterday. Sentinel stock volume was 4,423 compared to trading of 18900 shares on average. SNLRF stock gained following the share consolidation process.
Why SNLRF has been consolidating?
Sentinel is a Canadian company focused on acquiring and exploring mines with world-class potential for precious metals. In addition to New South Wales and Australia, SNLRF has gold and silver projects in British Columbia and Australia. SNLRF’s guiding principles focus on acquiring strategic exploration properties in mining-friendly jurisdictions with a history of mining, minimizing capital and operational costs during exploration times, and acquiring properties at a low cost.
Sentinel recently announced its intention to consolidate its outstanding and issued common shares at the proportion of three (3) pre-consolidated shares to one (1) post-consolidated share.
- SNLRF is consolidating to generate greater investor interest, improve trading liquidity, and facilitate future financings.
- A total of 28,075,264 common shares are currently issued and outstanding for SNLRF.
- With the Consolidation, SNLRF’s outstanding shares will reduce to 9,358,421 shares.
What SNLRF needs to execute its consolidation plan?
In accordance with its article of incorporation, Sentinel (SNLRF) will not need to obtain shareholder approval for the consolidation. In order for SNLRF to consolidate, the TSX Venture Exchange must approve it.