Nighthawk Gold (NHK-V) March 26, '14 announces a proposed Share Consolidation on the basis of five (5) existing common shares for one (1) new common share. Currently, a total of 187,763,533 common shares in the capital of the Nighthawk are issued and outstanding. Accordingly, if put into effect on the basis of five (5) existing common shares for one (1) new common share, a total of approximately 37,552,706 common shares in the capital of the Nighthawk would be issued and outstanding following the Share Consolidation, assuming no other change in the issued capital. Management believes that the Share Consolidation is in the best interests of Nighthawk's shareholders and is necessary in order to provide Nighthawk with a share capital structure that will better attract capital financing and enhance future growth opportunities. The implementation of the Share Consolidation would not affect the total shareholders' equity of Nighthawk or any components of shareholders' equity as reflected on Nighthawk's financial statements except: (i) to change the number of issued and outstanding common shares; and (ii) to change the number of outstanding stock options, as well as their relative exercise prices, to reflect the Share Consolidation.
Nighthawk's shareholders will be asked to approve the Share Consolidation at a Special Meeting of shareholders to be held on Thursday, May 8, 2014. The Share Consolidation is subject to shareholder approval and acceptance of the TSX Venture Exchange. |
