Nevada Exploration Announces Share Consolidation

Rhea-AI Summary

Nevada Exploration Inc. (OTCQB: NVDEF) announced a share consolidation, converting 25 pre-Consolidation common shares into 1 post-Consolidation share. This decision, approved by shareholders on January 24, 2023, aims to reduce the outstanding shares from 169,121,620 to 6,764,865, pending approval from the TSX Venture Exchange. The effective date for this consolidation is expected by mid-February 2023. The company focuses on exploring Nevada's gold potential, particularly the South Grass Valley project, strategically located near major gold mines.

Positive

• Share consolidation reduces outstanding shares significantly, potentially increasing stock value and appeal to investors.

Negative

• Consolidation could be perceived negatively by investors concerned about share dilution.

VANCOUVER, British Columbia, Feb. 01, 2023 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE; OTCQB:NVDEF) announces that it intends to complete the share consolidation (the “Consolidation”) of its common shares (“Common Shares”) on the basis of twenty-five (25) pre-Consolidation Common Shares for one (1) post-Consolidation Common Share. The Consolidation was approved by the Company’s shareholders at a meeting duly held on January 24, 2023 and disclosed in the Company’s news release dated January 25, 2023. The proposed Consolidation will change the number of outstanding Common Shares from 169,121,620 to 6,764,865.

The Consolidation is subject to the approval of the TSX Venture Exchange (“Exchange”). The record date for the Consolidation will be set subsequent to receipt of Exchange approval for the Consolidation.

The Company will issue a further news release confirming the record date and the effective date for the Consolidation. The Consolidation is expected to become effective mid-February, 2023.

About Nevada Exploration Inc.

Led by an international team of explorers, NGE is applying modern technology to systematically explore for the undiscovered second half of Nevada’s gold endowment waiting to be uncovered within Nevada’s valley basins. NGE is advancing a portfolio of gold exploration projects, primarily focused on three district-scale Carlin-type gold projects, including its flagship South Grass Valley project, located in close proximity to the Nevada Gold Mines of the Cortez Complex.

For further information, please contact:

Nevada Exploration Inc.
Email: info@nevadaexploration.com
Telephone: +1 (604) 601 2006
Website: www.nevadaexploration.com

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 release.

Cautionary Statement on Forward-Looking Information:

This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.

In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.

In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.

A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.

FAQ

What does Nevada Exploration Inc. intend to do with its shares on February 1, 2023?

Nevada Exploration Inc. intends to consolidate its shares at a ratio of 25 pre-Consolidation shares for 1 post-Consolidation share, pending approval from the TSX Venture Exchange.

What is the new number of outstanding shares after Nevada Exploration's consolidation?

After the consolidation, the number of outstanding shares will decrease from 169,121,620 to 6,764,865.

When is the expected effective date for the share consolidation by Nevada Exploration Inc.?

The share consolidation is expected to become effective by mid-February 2023.

What is the significance of the share consolidation for NVDEF investors?

The share consolidation aims to enhance the stock's value and marketability, though it may also raise concerns about share dilution among investors.

What projects does Nevada Exploration focus on?

Nevada Exploration focuses on gold exploration projects, particularly the South Grass Valley project, which is near major gold mines.