consolidate its share capital for a reverse share split.

The split, in connection with a proposed listing on the NASDAQ National Market System (NMS) will expand reporting of share prices and transactions, and attract higher trading volume as well as qualify Challenger shares for margin accounts, according to Bloomberg business news service.

CIL shares are currently listed on the NASDAQ Small Capitalisation Market. For CIL shares to be listed on the NMS market price of the shares must be a minimum of $5.

It is anticipated that a one for four consolidation ratio would be required to reach a $5 per share market price.

The consolidation ratio will be changed at the April 26 shareholders meeting if market price goes higher that the current level.

CIL, with offices in Hamilton, owns US-based Savage Arms and Ontario-based Lakefield Arms rifle makers as well as Savage Range Systems.

The company reported earnings of $305,000 in the first quarter of 1995.