VANCOUVER, March 27, 2013 /CNW/ - Nevada Geothermal Power Inc. ("NGP" or "the Company") (TSXV: NGP) announced that it is proceeding with the share consolidation, on the basis of five (5) old shares for one (1) new share (the "Consolidation"), as was approved by shareholders at the Annual and Special meeting held on July 24, 2012. As a result of the Consolidation, the 122,410,573 common shares which are currently issued and outstanding will be reduced to 24,482,115 shares. The name of the Company will also be changed to "Alternative Earth Resources Inc." concurrently with the Consolidation.
The effective date for the Consolidation and change of name will be Tuesday, April 2, 2013 (the "Effective Date"). The post-Consolidation common shares of Alternative Earth Resources Inc. will commence trading on the TSX Venture Exchange at the opening of the market on the Effective Date under the symbol "AER".
Letters of transmittal describing the process by which shareholders may obtain new share certificates representing their consolidated common shares registered in the new name will be mailed to the registered shareholders. Shareholders who hold their shares through a broker or other intermediary and do not have shares registered in their own name will not be required to complete a letter of transmittal. No fractional shares will be issued under the share consolidation and any fraction will be rounded down to the nearest whole number.
To support the new name launch, the company will unveil a redesigned website at www.alternative-earth.com.
On behalf of the Board of Directors of Nevada Geothermal Power Inc.
About Nevada Geothermal Power Inc.:
Nevada Geothermal Power Inc. is an experienced renewable energy producer focusing on the development of CLEAN electrical power from high temperature geothermal resources in the United States. NGP currently owns a 100% leasehold interest in several properties in Nevada and California, and a 50% interest in Crump Geyser, in Oregon. These properties are at different levels of exploration and development.
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.
Forward Looking Statements: The above contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
SOURCE: Nevada Geothermal Power Inc.
For further information:
Nevada Geothermal Power Inc.
Brian D. Fairbank, P. Eng. President & CEO
Toll Free: 866-688-0808
Toll Free: 866-688-0808