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Highlights

  • Africa Energy shareholders approved a 5:1 consolidation, reducing shares from approximately 2.4 billion to 479 million.
  • Consolidated shares will begin trading on TSXV and Nasdaq First North on May 30 and June 2, respectively.
  • Fractional shares will be handled differently across TSXV and Euroclear systems, with adjustments made to convertible securities.

Africa Energy Corp. (TSXV: AFE; Nasdaq First North: AEC) is a Canadian exploration-stage company with a focus on oil and gas opportunities offshore South Africa. It is dual listed on the TSX Venture Exchange and Nasdaq First North Growth Market.

The company has announced an update regarding its planned 5-for-1 share consolidation, following previous disclosures in January and March 2025. The consolidation was approved by shareholders at a special meeting held on March 27, 2025, and is expected to take effect on May 30, 2025, pending approval from the TSX Venture Exchange (TSXV).

The consolidation will reduce the number of issued and outstanding common shares from approximately 2,395,812,249 to around 479,162,450. Post-consolidation shares will begin trading on the TSXV at market open on May 30, 2025, and on Nasdaq First North Growth Market at market open on June 2, 2025.

As part of the transition, trading of the company’s shares on Nasdaq First North will be briefly halted from May 28 to May 30, with the last pre-consolidation trading day on May 27. The company confirmed that its trading symbols “AFE” on the TSXV and “AEC” on Nasdaq First North will remain unchanged following the consolidation.

For shareholders with shares held through the TSXV, fractional shares resulting from the consolidation will be rounded either up or down, depending on whether the fraction is greater or less than half a share. No fractional shares will be issued. In contrast, for shareholders holding shares through Euroclear Sweden AB, fractional shares will be uniformly rounded down. Surplus shares resulting from this process will be transferred to the company and sold by Bergs Securities or, if held through intermediaries, by the intermediaries themselves. Net proceeds from these surplus share sales will be distributed to affected shareholders on or around June 11, 2025, after deducting transaction fees.