Toronto-listed Canarc on Wednesday unveiled a planned name change to Canagold Resources to better reflect a renewed focus on its Canadian gold exploration projects, as well as a share consolidation, a private placement and a strategic review of its Nevada projects.
Canarc said it had reserved its new name and expected the change to take effect within the next two weeks.
To attract better institutional investors, the explorer would undertake a five-for-one share consolidation. Canarc currently has 243 956 517 common shares issued and outstanding and, after the proposed consolidation, it would have about 48 791 303 common shares issued and outstanding pre-financing.