Advance Gold Corp. ("Advance Gold") announces that further to its news release of February 27, 2014, it received, at its special meeting held on May 1, 2014, shareholder approval of a proposed consolidation of its common shares on the basis of up to 5 old shares for 1 new share or such lesser ratio as the directors of Advance Gold may determine appropriate.
The proposed consolidation is subject to acceptance by the TSX Venture Exchange. In particular, Advance Gold will be required to meet the Exchange's continued listing requirements upon completion of a consolidation. There is no guarantee that Exchange acceptance of a consolidation will be given or that Advance Gold will meet the Exchange's continued listing requirements upon completion.
Should the Board of Directors proceed to effect a consolidation of Advance Gold's issued securities, a further news release will be issued announcing the effective date for the consolidation and a Letter of Transmittal will be mailed to Advance Gold's registered shareholders, which shareholders can use to exchange their current share certificates for certificates representing the consolidated number of shares. No action will be required to effect consolidation of beneficially held securities by non-registered shareholders, who hold securities of Advance Gold through an intermediary.
Concurrent with effecting a consolidation, the Board of Directors may determine, in its sole discretion subject to acceptance by the TSX Venture Exchange, to also change Advance Gold's name.
Details with respect to the proposed consolidation are included in the Information Circular dated March 27, 2014 which was prepared by Advance Gold's management and mailed to shareholders in connection with the special meeting held on May 1, 2014. The Information Circular is electronically filed with regulators and available for viewing under Advance Gold's issuer profile on the SEDAR website at www.sedar.com.
For additional information, please contact:
James T. Gillis, Director
Telephone: (250) 574-5011
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although Advance Gold Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Advance Gold Corp.'s management on the date the statements are made. Except as required by law, Advance Gold Corp. undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.