VANCOUVER, BC , Oct. 25, 2022 – First Energy Metals Ltd. (“First Energy” or the “Company) ( CSE:FE ) ( OTCQB:FEMFD ) is pleased to announce that it intends to complete a plan of arrangement under the British Columbia Business Corporations Act, pursuant to which First Energ y ( CSE:FE ) ( OTCQB:FEMFD ) would spin off assets related to its current exploration properties located in Quebec and Ontario (the “Spin-Out Transaction”) into a separate wholly owned subsidiary of First Energy (“Spinco”).
Prior to the completion of the Spin-Out Transaction, First Energy ( CSE:FE ) ( OTCQB:FEMFD ) intends to consolidate its common shares (“Share Consolidation”) on the basis of 3.80 existing common shares for 1 post-consolidation common share (the “Post-Consolidation Shares”). As of the date of this news release, the Company has a total of 85,064,215 common shares issued and outstanding and once the Share Consolidation becomes effective, the Company will have a total of approximately 22,385,320 Post-Consolidation Shares issued and outstanding. As part of the Share Consolidation, the Company will also change its name to FE Battery Metals Corp. ( CSE:FE ) ( OTCQB:FEMFD ).
The Share Consolidation...
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