- Galane Gold (GG) has TSX Venture Exchange approval to change its name to “Golconda Gold Ltd” and to consolidate its outstanding common shares
- The share consolidation will be on the basis of one new common share for every five existing common shares
- Both the name change and consolidation will take effect at the start of trading on October 21, 2022
- With the consolidation, the 356,366,541 common shares issued and outstanding prior to the consolidation will be reduced to approximately 71,273,308 common shares
- Galane Gold is an un-hedged gold producer and explorer
- Galane Gold Ltd. was unchanged at $0.075 at 9:36 AM ET
Galane Gold (GG) has received TSX Venture Exchange approval to change its name to “Golconda Gold Ltd” and consolidate its outstanding common shares.
The share consolidation will be on the basis of one new common share for every five existing common shares.
Both the name change and consolidation will take effect at the start of trading on October 21, 2022.
The company believes the proposed new name, “Golconda Gold Ltd.” will more accurately represent the company today and going forward.
The name “Galane Gold Ltd.” is associated with, and was chosen specifically to complement, the Mupane Gold Mine.
With the divestment of Mupane, the company believes a new name will make it clear to current stakeholders and future stakeholders that the company no longer owns Mupane and is concentrating on progressing both Galaxy Gold and the Summit Mine and Banner Mill.
The company believes that the share price and the number of shares outstanding following the consolidation will more appropriately reflect the company’s status as a junior gold producer.
Shareholders approved the name change and consolidation on June 23, 2022.
When the consolidation is executed, the 356,366,541 common shares issued and outstanding prior to the consolidation will be reduced to approximately 71,273,308 common shares.
Each shareholder’s percentage ownership in the company and proportionate voting power will remain unchanged after the consolidation, except for minor changes and adjustments resulting from the treatment of any fractional common shares.
Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in South Africa and New Mexico.
Galane Gold Ltd. was unchanged at $0.075 at 9:36 AM ET.
