Taung Gold International (HKG:0621) called a meeting of shareholders to deliberate on a plan to consolidate every 10 existing shares into one share and reduce the company's board lot size from 10,000 to 5,000 shares, according to a Hong Kong bourse filing Monday.

Shares of the miner gained nearly 8% in afternoon trade Tuesday.

The company scheduled the meeting for Wednesday, Aug. 6.

The proposed share consolidation will raise the par value per share from HK$0.01 to HK$0.10, while keeping the authorized share capital unchanged at HK$300 million.

The number of issued shares will shrink from about 18.2 billion to 1.82 billion upon effectiveness.