Phoenix Matachewan Mines Inc. (TSX-V:PMM) is moving forward with its share consolidation and name change, two days after shareholders of sister company Patrician Diamonds Inc. (TSX-V:PXC) approved a similar deal.

The Ottawa-based junior mining firm said it will be changing its name to Galahad Metals Inc. in the new year, and shareholders will be called upon to exchange 10 of their shares of the company for one consolidated share.

The shareholders' meeting about the share consolidation and name change drew more response than the one for Patrician Diamonds on Monday, where 47.68 per cent of the roughly 68 million eligible shares were voted, with 6.28 per cent voting against the move.

In Phoenix's meeting, 47.33 per cent of the approximately 106.1 million eligible voting shares were cast, with 15.09 per cent voting against the resolutions.

Phoenix said the consolidation and name change is scheduled to take effect by the end of December, with the newly consolidated shares trading on the TSX Venture Exchange under the symbol 'GAX' beginning Jan. 2.

The move could bring about a fresh start for the troubled mining firm, which recently announced it would have to issue shares to pay off its debts and that it was ending its involvement with a mining project in northwestern Ontario that had been expected to expand its Steel River zinc and copper mine holdings.