Vancouver -- Nevada Organic Phosphate Inc. (CSE: NOP) will ask shareholders on December 30, 2026 to approve a consolidation of up to one new share for every three old shares, which would cut its 180,049,541 outstanding common shares to about 60,016,513.
Two-thirds shareholder vote is required to authorize the consolidation
The special resolution needs at least 66 2/3% of votes cast, in person or by proxy. Meeting materials are expected on or about December 9, 2026 on SEDAR+. If shareholders approve, the board keeps discretion over timing and may decide not to proceed. The consolidation also needs regulatory approval.
Board cites liquidity and capital-market access as the rationale
The board says the consolidation may improve the marketability and liquidity of the shares, widen access to capital markets and ease future financings. CEO Robin Dow said the current capital structure and trading liquidity may not reflect the company's progress. He added that a consolidation could help it raise its visibility in U.S. capital markets.
The company warns there is no assurance of higher liquidity, a better valuation or qualification for any particular market listing.
Murdock Mountain drilling continues with about US$2.5 million in cash
Nevada Organic Phosphate holds roughly US$2.5 million in cash and says it is funded to complete the current phase of exploration and technical evaluation. Assay results are pending for several drill holes. No mineral resource has been defined at the Murdock Mountain Project. P&E Mining Consultants Inc. is preparing a maiden mineral resource estimate, which depends on all drilling and analytical data.
Dow said drilling and core logging continue to support the geological interpretation of the Upper Phosphate Zone within the Meade Peak Member across the Nevagro Permit Area. The company describes the project as a 6.6-kilometre organic certifiable sedimentary phosphate bed in northeast Nevada. Additional applications extend the potential strike to more than 30 kilometres.
No fractional shares will be issued, and convertible terms will be adjusted
The post-consolidation share count will be rounded up to the nearest whole number. Exercise or conversion prices, and the number of shares issuable under outstanding convertible securities, will be adjusted proportionately under their respective terms.