Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) 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,
(sgd.) “John E. Watson”
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding plans for the completion of a private placement financing and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include market prices, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.