NV Gold (NVX-V) May 17, '16 announced today that it has decided to consolidate its common shares on a 1(new)-for-5(old) basis, subject to approval of the TSX Venture Exchange.
Under the consolidation, the Company will issue one new share for every five outstanding shares of the Company. The Company currently has 50,706,296 shares outstanding and, after completion of the consolidation, it will have approximately 10,141,259 shares issued outstanding. The Company is completing the consolidation in order to facilitate potential financing of its business and the possible completion of an acquisition in the future. The rights to acquire shares under the Company's outstanding options and warrants will adjust on the same ratio.
The President and CEO commented: "The Board has concluded that it is in the best interests of the Company to complete a consolidation of the Company in order to facilitate financing the Company or to make it more attractive for completing an acquisition of a property or another business in exchange for shares of the Company."
The Company's Articles authorize the Board of Directors to approve a consolidation, which means that shareholder approval of the consolidation is not necessary. The effective date of the consolidation will be disclosed in a subsequent news release. No change in the Company's name is proposed.
On behalf of the Board of Directors,
John E. Watson, President and CEO
For further information, visit the Company's website at www.nvgoldcorp.com.
John E. Watson
303.674.9400
john@watson-assoc.com
www.nvgoldcorp.com |
