07, 2015 (ACCESSWIRE via COMTEX) — Bedford, Nova Scotia / ACCESSWIRE / January 7, 2015 / NSX Silver Inc. (nsy:TSXV) ("NSX Silver" or the "Company") announces that it has received conditional approval from the TSX Venture Exchange ("Exchange") to consolidate its issued and outstanding common shares on the basis of one share for every ten shares issued and outstanding. The consolidation of NSX Silver's common shares was approved by NSX Silver's shareholders at an annual and special meeting of shareholders held on June 19, 2014.
The Company will announce the effective date of the share consolidation in a subsequent press release. The Company's common shares will continue to trade under the symbol NSY and the name of the Company will not change. As a result of the share consolidation, NSX Silver will have 4,592,957 issued and outstanding common shares, compared to 45,929,571 shares outstanding prior to the consolidation. No fractional shares will be issued and all fractional shares resulting from the consolidation will be rounded up or rounded down to the nearest whole number.
The Board of Directors believes that the proposed share consolidation will better position the Company to raise equity financing in light of the continuing difficult market conditions that exist for junior resource issuers.
NSX Silver will mail a letter of transmittal to its registered shareholders, who are required to exchange their current share certificates for new share certificates. Shareholders who hold their shares through a securities broker or dealer, bank or trust company will not be required to take any measures.
The share consolidation is subject to final Exchange approval.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer, NSX Silver Inc.
(902) 798-1148
CAUTIONARY STATEMENT:
Neither 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 includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of NSX Silver, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from NSX Silver's expectations are exploration risks detailed from time to time in the filings made by NSX Silver with securities regulators.
SOURCE: NSX Silver Inc.
Original Article: http://www.marketwatch.com/story/nsx-silver-announces-share-consolidation-2015-01-07?reflink=MW_news_stmp
