MONTREAL, Oct. 05, 2018 (GLOBE NEWSWIRE) -- NEVADO RESOURCES CORPORATION (TSXV: VDO.H) (“Nevado” or the “Corporation”) invites its shareholders to an annual and special meeting, namely to ask for their approval for the consolidation of Nevado’s Class A common shares on a basis of one (1) new share of Nevado for every tranche of a maximum of twenty (20) old Class A common shares of Nevado currently issued and outstanding. This consolidation would allow the number of Nevado’s issued and outstanding shares to be reduced from 62,381,296 to a minimum of 3,119,064.
Approval of the special resolution by shareholders would give the Board of Directors authority to implement the consolidation of the common shares at its discretion, including at a lower ratio than 1 for 20. In addition, notwithstanding approval of the special resolution by shareholders, the Board of Directors may revoke it and abandon the consolidation without any prior notice to shareholders or any approval by them.
The Board of Directors is of the opinion that the consolidation will provide the Corporation with greater flexibility as it could lead to increased interest by a wider audience of potential investors and could better position the Corporation to obtain financing and pursue future opportunities.
The annual and special meeting will take place in Montreal on November 15, 2018. The consolidation is subject to the approval of shareholders and the TSX Venture Exchange.
About Nevado
Nevado is a Canadian mineral exploration company engaged in the exploration, evaluation and development of gold mining properties.
Contact:
Jean-Guy Masse
President and Chief Executive Officer
(514) 898-3959
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