Mineral Road Announces Leadership Transition and Consolidation

Executive Summary

• Mineral Road Discovery Inc. announced the resignation of CEO Jason Cubitt, who will remain on the board as a non‑executive director.
• The Board appointed Executive Chairman Damien Reynolds as Interim Chief Executive Officer effective immediately.
• The Company disclosed a 3‑for‑1 share consolidation that will reduce outstanding common shares from ~96 million to ~32 million, pending CSE approval.

Key Details

• CEO Resignation: Jason Cubitt steps down as CEO; continues as a non‑executive director on the Board of Directors.
• Interim CEO Appointment: Damien Reynolds, currently Executive Chairman, assumes the role of Interim Chief Executive Officer.
• Share Consolidation Ratio: 3 pre‑consolidation common shares will be exchanged for 1 post‑consolidation common share.
• Current Share Count: 95,999,665 common shares issued and outstanding prior to consolidation.
• Post‑Consolidation Share Count: Expected 31,999,888 common shares issued and outstanding after consolidation.
• Fractional Shares Treatment: Fractions < ½ of a share will be cancelled; fractions ≥ ½ will be rounded up to a whole share.
• Impact on Ownership/Voting: Percentage ownership and voting power remain unchanged aside from adjustments for fractional shares.
• Adjustment of Derivatives: Outstanding options, warrants, and other rights to acquire common shares will be proportionally adjusted in accordance with the consolidation terms.
• Regulatory Approval: Consolidation is subject to approval by the Canadian Securities Exchange (CSE).

Notable Quotes

• No direct quotes were provided in the release.