Euro Manganese (ASX:EMN) is set to consolidate its issued and outstanding common shares at a ratio of five pre-consolidation common shares to one post-consolidation common share, effective March 31, according to a Monday Australian bourse filing.

The post-consolidation shares will start trading on April 2, on the TSX Venture Exchange and the CHESS depositary interests will start trading on a post-consolidation basis at the start of trading on April 3 on the Australian Securities Exchange, subject to the necessary approvals.

It will not issue fractional shares as part of the consolidation and instead, round off the holdings of shareholders.

Before implementing the Consolidation, the firm had 402.7 common shares issued and outstanding, including 206.1 common shares represented by CHESS depositary interests.

Immediately after implementing the consolidation, it will have 80.5 common shares issued and outstanding, including 41.2 common shares represented by CHESS depositary interests listed on the ASX, subject to final immaterial rounding.