Mooncor Oil & Gas Corp. (TSXV: MOO.V) proposed a consolidation of its common shares, the company said Jan. 7. The proposal would allow Mooncor’s board of directors to consolidate the shares, up to 10 pre-consolidation shares for one post-consolidation share basis. The consolidation will be considered at a Jan. 29 shareholders’ meeting, the company added.

There are roughly 149,934,520 shares issued and outstanding currently, the company said.

The company’s management said that successful consolidation would provide flexibility for Mooncor to amend its capital structure, attract business opportunities and complete future financings.

Shareholders’ proportionate ownership, or their rights, will not be affected, the company added.

After the consolidation, common shares will be fully paid and non-assessable. Shares will stand at 14,993,452 subject to rounding, the company said.

Mooncor Oil & Gas is an independent, junior oil and gas exploration and development company based in Calgary.