The now Telson Resources (CVE:TSN), the former Soho Resources, says its new shares have started trading today, post consolidation.
The one-for-eight basis consolidation, which was announced in December, was approved by shareholders, resulting in 26.6 million issued and outstanding shares.
The company said no fractional shares will be issued in connection with the consolidation, alongside which the company completed a name change to Telson.
The junior explorer is strategically focused on gold, silver and base metals in the prolific Sierra Madre Belt of Mexico. It holds 99.4% of its Mexican subsidiary company, which maintains 100% in the 9,081 hectare Tahuehueto property.
The company released a preliminary economic assessment on the advanced stage asset in 2010, which showed a net present value of US$109.6 million at a 5% discount rate, and a 31% internal rate of return.
Capital and start up costs were pegged at US$89.1 million, with net cash flow estimated at US$184.2 million. The payback period was projected at 27 months. The report was based on a maximum processing rate of 1.0 million tonnes per year, over a mine life of 11 years.
Telson also holds an option to purchase a 100% interest in the 4,332 hectare Jocuixtita silver project, where the company is currently conducting a first stage exploration drilling program.
