here is news release....
BRUSH CREEK ANNOUNCES REVERSE SPLIT COMPANY MOVES TO MAINTAIN
Business Wire
May 6, 1998, 6:36 a.m. PT
NASDAQ Listing
Business Editors
GRASS VALLEY, Calif.--(BUSINESS WIRE)--May 6, 1998--Brush Creek
Mining a (NASDAQ:BCMD) Brush creek Mining and Development Co., Inc.
(the Company) today announced that its Board of Directors had approved
a one for ten reverse stock split of its outstanding shares of common
stock. The reverse stock split will be effective with the close of
business on May 7, 1998 and the shares will begin trading on a
post-split basis effective on May 8, 1998.
James S. Chapin, CEO and Chairman of the Board stated, "After
careful consideration of the alternatives, the Board decided that it
is in the best interest of shareholders to maintain the Company's
NASDAQ listing. Among the many reasons the listing is so critical is
that far more brokers and other investment professionals are able to
invest in a NASDAQ listed Company than one listed on the Bulletin
Board." New rules adopted by NASDAQ require companies to maintain a
minimum bid price of $1 per share.
Chapin added, "In addition to preserving our listing, the stock's
higher price will enable a wider range of brokers, who are prohibited
from purchasing low price stocks, to consider investing. It will also
bring us closer to our goal of having a marginable security and
qualifying for NASDAQ's NMS listing."
Brush Creek controls nine historic mines in the Alleghany-
Downieville gold district of Northern California, which produced more
than 12 million ounces of placer and 2 million ounces of hard rock
gold. It also controls more than 4000 acres of potentially
diamondiferous ground near La Porte, California.
--30--ac/sf
CONTACT: Brush Creek Mining and Development Co., Inc.
Lionel Gosselin, 888/272-7335
or
Brush Creek Mining and Development Co., Inc.
Jim Chapin, 530/477-5961
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: MINING/METALS
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-0- (BW ) May/06/98 09:21
EOS (BUS) May/06/98 09:21 86
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