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Vancouver, British Columbia / TheNewswire / April 24, 2015 - Northern Lion Gold Corp. (the "Company") announces that the Board of Directors will be asking shareholders for the option to consolidate its common shares. Shareholders permission for this option will be requested at the upcoming annual general and special meeting of shareholders scheduled to be held on May 21, 2015.
Due to current difficult market conditions the Company proposes to have the option available to consolidate its share capital of one (1) new share for up to every sixteen (16) old shares. If a consolidation takes place, no name change of the Company would occur. The Board of Directors of the Company at any time in its absolute discretion will determine the exact ratio of the consolidation, up to 16 common shares.
As at the date hereof, there are an aggregate 47,397,094 issued and outstanding common shares. Assuming no other change to the issued and outstanding common shares, if approved by the shareholders, and then enacted by the Board of Directors, the maximum share consolidation would result in an aggregate of approximately 2,962,318 common shares issued and outstanding.
A proposed share consolidation is subject to the approval, by resolution, of the shareholders of the Company and to the approval of the TSX Venture Exchange. Full details regarding the possible consolidation will be included in the information circular that can be viewed on SEDAR at www.sedar.com.
About Northern Lion
Northern Lion is committed to building a strong portfolio of projects within mining-friendly and infrastructure-rich areas of Europe.
NORTHERN LION GOLD CORP.
John Lando, President
For information with respect to Northern Lion or the contents of this news release, please contact the Company at (604) 669-2701, toll free at 1 800 663 0510 or visit the web site at www.northernliongold.com.
This news release includes "forward-looking information", as such term is defined in applicable securities laws. The forward-looking information includes, without limitation, exploration plans of the Company, including the time thereof, the success of exploration activities and other similar statements concerning anticipated future events, conditions or results that are not historical facts. These statements reflect management's current estimates, beliefs, intentions and expectations; they are not guarantees of future performance. The Company cautions that all forward-looking information is inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among others, risks and uncertainties relating to exploration and development; risks arising as a result of the Company operating in Cyprus; the ability of the Company to obtain additional financing; the Company's limited operating history; the need to comply with environmental and governmental regulations; potential defects in title to the Company's properties; fluctuations in currency exchange rates; fluctuating prices of commodities; operating hazards and risks; competition; and other risks and uncertainties. Accordingly, actual future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. All statements are made as of the date of this news release and, except as required by law, the Company is under no obligation to update or alter any forward-looking information.
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 NEWS RELEASE
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