Mineral Road CEO Cubitt resigns

Executive Summary

• Jason Cubitt resigns as CEO; Damien Reynolds appointed interim CEO.
• Company announces a 3‑for‑1 share consolidation pending CSE approval, reducing shares from ~96 M to ~32 M.
• No change to shareholders’ proportional ownership; options and warrants will be adjusted accordingly.

Key Details

• Jason Cubitt steps down as chief executive officer effective immediately; remains on board as a non‑executive director.
• Damien Reynolds, currently executive chairman, assumes the role of interim CEO.
• Consolidation ratio: 3 pre‑consolidation common shares → 1 post‑consolidation common share (subject to CSE approval).
• Pre‑consolidation outstanding common shares: 95,999,665; post‑consolidation expected outstanding common shares: 31,999,888.
• Fractional shares handling: fractions < ½ share cancelled; fractions ≥ ½ share rounded up to a whole share.
• Shareholders’ percentage ownership and voting power remain unchanged aside from fractional adjustments.
• All outstanding options, warrants, and other rights to acquire common shares will be proportionally adjusted under the consolidation terms.

Notable Quotes

(No direct quotes provided in the release.)