Strangely this can't be found everywhere (e.g. yahoo finance, RBC direct invest news, etc), but it shows that at least this company is not dead...
For penny flip or longer term hold, could be an investment option IMHO.
(I hold a very small position)
GLTA.
*************************************************
GRENVILLE ANNOUNCES FINANCING, NAME CHANGE AND CONSOLIDATION
10:52 EST Tuesday, Aug 31, 2010
(via Thenewswire.ca)
(Vancouver, BC,) Grenville Gold Corporation (GVG:TSX-V) ("Grenville" or the "Company") announces that it will be convening an Annual and Special Meeting of Shareholders on October 7, 2010, and one of the resolutions being sought by shareholders will be to a consolidation of the Company's share capital and a change of its name to Peru Silver Mines Ltd.
The Company will be seeking shareholder approval to a consolidation of its shares on a 10 to 1 basis, or such lesser consolidation ratio as may be determined by the board of directors. The Company currently has 55,703,895 shares outstanding and, accordingly, upon completion of the consolidation, 5,570,389 shares will be outstanding.
The share consolidation is being proposed in order to allow the Company greater flexibility in future financings. The Company reserves the option of not consolidating its shares or consolidating at a ratio less than the above.
The share consolidation and change of name are subject to shareholders' approval, and documentation in support being accepted for filing by the TSX Venture Exchange and the Registrar of Companies for the Province of British Columbia.
The Company is also pleased to announce that it has arranged a non-brokered private placement of up to 7,000,000 post-consolidated units at a price of
.15 per unit. Each unit is comprised of one post-consolidated common share of the Company and one share purchase warrant. Each share purchase warrant will entitle the holder to acquire one post-consolidated common share of the Company at a price of
.20 for a term of two years from issuance. All securities issued under the Offering will be subject to a four-month hold period from the date of issue. The proceeds of the proposed offering will used for general working capital. A finder's fee may be payable in cash and/or shares on the private placement (or a portion thereof) in connection with the policies of the TSX Venture Exchange.
The proceeds of this private placement will be used for general working capital. Closing of the private placement is subject to TSX Venture Exchange approval.
On behalf of the Board of Directors,
"A. Paul Gill"
CEO & Director
Ph.604-303-1051
info@grenvillegold.com
www.grenvillegoldcorp.com
We Seek Safe Harbor.