VANCOUVER, Feb. 28, 2012 /CNW/ - Nass Valley Gateway Ltd. wishes to announce a consolidation of its existing share capital on the basis of three (3) pre-consolidated common shares for one (1) post-consolidated common share which will change the presently issued and outstanding shares from 37,001,303 to approximately 12,333,768. No fractional common share will be issued as a result of the consolidation. The Company will not be changing its name and will continue to trade under its trading symbol "NVG".
The Directors believe that the share consolidation will provide the Company with increased flexibility to seek additional financing opportunities to further develop its geothermal exploration opportunities and the development of its technology projects managed through its subsidiaries, Nass Energy Inc. and Global Environomic Systems Corp.
The Company intends to continue exploring its opportunities for precious metals through its subsidiary, Kirkland Precious Metals Corp., and focusing particularly on its property within the Kirkland Lake mining camp as per the recommendations in the NI 43-101 Report, filed on SEDAR.
Shareholders holding 71.15% of the Company's outstanding common shares have given their consent to the proposed share consolidation, which will be subject to the Canadian National Stock Exchange ("CNSX") approval. The Company will announce the effective date and the mailing of the letter of transmittal to shareholders in a separate news release to be issued in due course.
The CNSX has not reviewed, and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information:
Telephone: (250) 621-3286
Chairman & CEO
Telephone: (604) 685-4170