Kat Exploration Inc (OTCMKTS:KATX) disclosed that its Board of Directors accepted the cutback of authorized shares of common equity to 7.50 billion from 24.5 billion. The revision of the share structure is stated as a part of management’s commitment to offer shareholders with enhanced protection for their holdings.
As a result of the reduction, the revised share structure of Kat Exploration has 7.50 billion of authorized shares, 1.6 billion of outstanding shares, 1.08 billion of restricted shares and 51 million of shares in public float. The CEO and President, Ken Stead said that the management is pleased to conclude this restructuring. The company’s shareholders have been its biggest allies and therefore, protecting their investment is top priority. He added that by reducing the authorized shares by as much as 17 billion the company is demonstrating its commitment to protect shareholders from any form of potential dilution.
Apart from the revision in share structure, Kat Exploration is experiencing growth. Recently it confirmed a new copper discovery achieved on the Bonavista Peninsula. The new discovery was made after extensive work was done by field teams throughout last year. The experts believe that the type of copper discovered directs to a rich sampling area. The area based in the Rocky Harbour group, below the Crown-Hill zone, is expected to become the feeder zone for enhanced copper discoveries.
Kat Exploration is into the exploration and development of mineral properties in Labrador and Newfoundland. Its main focus is on sediment-hosted stratiform copper deposits as well as on precious metals in the stated regions. The company has interest in the key Hodderville copper project. In last trading session, the stock price of Kat Exploration surged more than 14% to close the trading session at $0.00550. The strong gains came at massive volume of 10.28 million compared to average volume of 2.22 million.