SKYG.v Sky Gold to roll back 1 for up to 10; exits Clone asset
2019-11-08 17:16 ET - News Release
Mr. Mike England reports
SKY GOLD ANNOUNCES CONSOLIDATION; DROPS CLONE
Sky Gold Corp. is proposing a consolidation of its common shares on the basis of up to 10 existing shares for one new share. Currently, a total of 117,967,303 shares are issued and outstanding. Accordingly, if the consolidation is put into effect on the basis of 10 existing shares for one new share, a total of 11,796,730 shares would be issued and outstanding following the consolidation, assuming no other change in the issued capital.
According to the company's articles, the board of directors of the company has the ability to approve the consolidation, and the board of directors believes that it is in the best interest of the company to approve the consolidation. The consolidation will increase the company's flexibility and competitiveness in the marketplace and make the company's securities more attractive to a wider audience of potential investors, thereby resulting in a more efficient market for its shares.
The consolidation will affect all shareholders of the company uniformly and affect all of the company's stock options and warrants issued and outstanding at the effective date. At the time of the consolidation, the number, exchange basis or exercise price of all stock options and warrants issued and outstanding will be adjusted to reflect the consolidation. The actual adjustment will be made by the company in consultation with its advisers.
The consolidation is subject to the acceptance of the TSX Venture Exchange.
The company further announces it has determined to focus its efforts in 2020 on the Evening Star property, located 16 kilometres southeast of Hawthorne, Nev. To this end, it has decided to release the Clone gold project back to the vendors at this time. Sky Gold will also actively seek other mining exploration opportunities for the benefit of its shareholders.
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