Western Metallica Resources Corp. (TSXV:WMS) announced a 5:1 share consolidation, meaning shareholders will receive one post-Consolidation share for every five shares they currently hold. This consolidation is aimed at optimizing the company's capital structure and enhancing long-term shareholder value. Additionally, the company has entered into a shares-for-debt agreement to settle $370,000 of outstanding debt by issuing 7,400,000 pre-Consolidation shares, which translates to 2,466,667 post-Consolidation shares at a deemed price of $0.05 per share. Following the consolidation, the total number of outstanding shares is expected to decrease from 8,436,199 to 2,812,066 before the debt settlement, and to 5,278,733 after. CEO Greg Duras will hold 56.4% of the shares post-settlement, classifying him as a control person under securities laws, necessitating disinterested shareholder approval for the debt settlement. The company plans to seek this approval at its upcoming annual and special meeting. Western Metallica is focused on mineral resource exploration and development, with its principal asset being the Penedela Gold Property in Asturias, Spain.