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Re: News Releases - Thursday, March 18, 2010
MAJESTIC GOLD CORP. PROPOSES SHARE CONSOLIDATION
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Vancouver, British Columbia, March 18, 2010 -- Majestic Gold Corp.
(TSX.V: MJS) ("Majestic") announces that at its Annual General and
Special Meeting (the "Meeting") of shareholders to be held on April 14,
2010, shareholders will be asked to approve a consolidation of all of
the Company's issued common shares on the basis of up to ten (10) old
common shares for one (1) new common share, with the actual ratio (the
"Consolidation Ratio") to be determined by the Company's board of
directors after the Meeting. If the maximum 10:1 consolidation is
effected, and if no other shares are issued between the date of this
news release and the date of the consolidation, the consolidation will
reduce the number of outstanding shares from 228,299,986 to
approximately 22,829,998. No fractional shares will be issued. Any
fractions of a share will be rounded down to the nearest whole number
of common shares. The proposed consolidation is subject to shareholder
approval and TSX Venture Exchange acceptance.
In a news release of February 24, 2010, the Company announced that it
has entered into an agreement to acquire the remaining 40% of Yantai
Zhongia Mining Enterprise. As part of the proposed transaction, an
additional 168,000,000 shares (the "Acquisition Shares") of the Company
are proposed to be issued. Assuming completion of that transaction
before the Meeting, the Acquisition Shares will be consolidated with
the currently outstanding shares. If that transaction is not completed
before the Meeting, the Company will defer implementation of the
consolidation until after the acquisition has been completed. To
ensure provision is made for that eventuality, the Company will also
seek approval at the Meeting for consolidation of the Acquisition
Shares at the Consolidation Ratio. If the maximum 10:1 consolidation
is effected after the Acquisition Shares are issued, and if no other
shares are issued in the interim, the consolidation will reduce the
number of shares outstanding from 396,299,986 to approximately
39,629,998.
Management believes that the share consolidation is necessary to
provide the Company with a share structure that will better attract
capital financing and that will provide for future growth
opportunities.
On Behalf of the Board of Directors
MAJESTIC GOLD CORP.
Signed "Rod Husband"
Rod Husband, P.Geo
President
Contact:
Investor Relations: (604) 681-4653 or 1-866-282-8398
Email: info@majesticgold.net or visit our Website: www.majesticgold.net
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.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from
those currently anticipated in such statements.
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Copyright (c) 2010 MAJESTIC GOLD CORP. (MJS) All rights reserved. For
more information visit our website at http://www.majesticgold.net/ or
send mailto:info@majesticgold.net
Message sent on Thu Mar 18, 2010 at 1:06:53 PM Pacific Time
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Majestic Gold Corp.
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DEVELOPMENT STAGE |
CODE : MJS.V |
ISIN : CA5609121077 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Majestic Gold is a gold exploration company based in Canada. Majestic Gold holds various exploration projects in China. Its main asset in development is SONG JIAGOU in China and its main exploration property is SAWAYAERDUN in China. Majestic Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 68.4 millions as of today (US$ 49.9 millions, € 46.6 millions). Its stock quote reached its highest recent level on March 14, 1997 at CA$ 2.00, and its lowest recent point on September 04, 2009 at CA$ 0.02. Majestic Gold has 912 270 016 shares outstanding. |