ML Gold Corp. (TSX-V: MLG; FSE: XOVN.F) (“ML Gold” or the “Company”) announces that its Board of Directors is proposing to consolidate the Company’s issued and outstanding common shares on the basis of one (1) new common share for every ten (10) old common shares outstanding. The Board of Directors believes that the consolidation will increase the Company’s flexibility and competitiveness in the market place and will allow the Company to raise additional capital to further develop its remaining assets. The proposed consolidation would result in the number of issued and outstanding common shares of the Company being reduced from 107,422,763 common shares without par value to approximately 10,742,276 common shares without par value.
The proposed consolidation is subject to TSX Venture Exchange (the “Exchange”) acceptance. The effective date of the share consolidation will occur immediately after Exchange approval.
The Company further announces that it has elected to drop the Palmetto gold property in Nevada to avoid making the remaining 1.2 Million USD in option payments, and will instead focus on its Stars, Aspen, and Block 103 projects in British Columbia and Newfoundland and Labrador respectively.
ABOUT ML GOLD CORP.
ML GOLD CORP.
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, currency risks including the exchange rate of US$ for CDN$, changes in exploration costs and government royalties or taxes in Canada, the United States or other jurisdictions and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.