The company said it will seek shareholder approval for the consolidation, which will see every ten pre-consolidation shares of its common stock exchanged for one post-consolidation share.
Plato said the consolidation, if approved, will not have any material effect on shareholders' percentage ownership in the company, though this ownership will be represented by a smaller number of shares. The consolidation will also not affect the capital attributable to the shares, the company said.
Shareholders will benefit from greater investor interest, improved trading liquidity, and an ability to raise additional capital at a higher price per share, Plato added.
Currently, Plato has 143,591,655 issued and outstanding shares. If the consolidation is approved, the company will have 14,359,165 shares issued and outstanding.
Plato is a Canadian gold exploration company with projects in Northern Ontario, Northern Quebec, and Argentina.
Late last year, the company announced that it had confirmed a series of exploration targets for its Lolita property in Argentina. Plato confirmed targets at the Corazon and Panza zones, and a new target at Panza, where IP chargeability anomalies of strong intensity and large dimensions were detected, it said.