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VANCOUVER, British Columbia, Dec. 12, 2013 (GLOBE NEWSWIRE) -- Nevada Sunrise Gold Corporation ("Nevada Sunrise" or the "Company") (TSX-V:NEV) announces that the board of directors has determined to proceed with a consolidation of its common shares on the basis of one (1) post-consolidated common share for every ten (10) pre-consolidated common shares held (the "Consolidation"). The Company will not complete a name change. The Consolidation will be effective December 16, 2013 and the common shares will trade on a post consolidation basis as of the open of the market on December 16, 2013.
The Consolidation was approved by shareholders of the Company at the Company's Annual and Special Meeting held on August 29, 2013 and remains subject to the approval of the TSX Venture Exchange. The Company currently has 96,673,175 common shares issued and outstanding and if the Consolidation is approved will have approximately 9,667,317 common shares issued and outstanding immediately following the Consolidation. Any resulting fractional shares remaining after Consolidation that is less than one-half of a common share will be cancelled and each fractional common share that is at least one half of a common share will be changed to one whole common share.
The Board of Directors is proceeding with the Consolidation on the basis that it will provide the Company with increased flexibility to seek additional financing opportunities.
About Nevada Sunrise Gold Corp.
Nevada Sunrise is a publicly-traded gold exploration company with projects in Nevada, namely the Golden Arrow project, which is operated by the Company, and a participating interest in a joint venture for the Kinsley Mountain project, operated by Pilot Gold Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release. The Securities of Nevada Sunrise Gold Corporation have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to the account or benefit of any U.S. person.
CONTACT: FOR FURTHER INFORMATION:
Chief Executive Officer
Telephone: (604) 428-8028
Facsimile: (604) 689-5528