July 12, 2011 / 3:23 PM / 6 years ago

Galena Capital shares hit life-low on funding woes

July 12 (Reuters) - Shares of Galena Capital plunged 29 percent to their lowest ever on Tuesday, a day after the Canadian metals miner said it was going ahead with a stock consolidation and that it will need additional funding for its operations.

Shareholders at the company’s annual meeting in June approved a 1-for-6 share consolidation, which will reduce the number of shares outstanding to 15.1 million shares from 90.6 million outstanding as of July 4, according the Thomson Reuters data.

Shares of the Vancouver, British Columbia-based company fell to 2.5 Canadian cents apiece in morning trading on the Toronto Venture Exchange. They were among the most heavily traded on the bourse, with nearly 1.5 million shares changing hands by 1045 ET.

The company will retain its name, instead of changing it to Galena Resources Corp as proposed at the meeting, it said in a statement. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Maju Samuel) (Reporting by Abhiram Nandakumar in Bangalore))

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