Silicon Metals Corp. Announces Share Consolidation and Director Resignation

Executive Summary

• Silicon Metals Corp. announced a 5‑for‑1 reverse share consolidation, reducing the outstanding common shares from ~53 million to ~10.6 million.
• The consolidation will adjust the exercise/ conversion prices of existing stock options and warrants proportionally.
• Director Leighton Bocking resigned; the company is seeking a replacement.

Key Details

• Consolidation ratio: 1 post‑consolidation Share for every 5 pre‑consolidation Shares.
• Pre‑consolidation shares outstanding: 53,051,908; post‑consolidation shares expected: ~10,610,382 (subject to rounding adjustments).
• No change to the authorized share count; CSE approval required before effective date.
• Stock options and warrants will be proportionally adjusted in accordance with their terms.
• Endeavor Trust Corporation will issue a Letter of Transmittal to shareholders of record for certificate exchange.
• Shareholders holding shares through intermediaries must coordinate with those parties for the consolidation process.
• Upon CSE acceptance, trading symbol remains “SI”; CUSIP and ISIN numbers will be updated after completion.
• Director resignation: Leighton Bocking stepped down; company will announce a new director in the near future.

Notable Quotes

“The Company thanks Mr. Bocking for his time and commitment over recent years assisting the Company advance its objectives and wishes him all the best in his future endeavours.” – Ray Wladichuk, CEO & Director

Materiality Assessment: Material – Neutral (the reverse split materially alters share structure but does not convey new financial performance or operational results).