TSX-V Symbol: NL
Frankfurt Symbol: N3E
VANCOUVER, Sept. 22, 2016 /CNW/ - Northern Lion Gold Corp.
(the "Company") announced today that it has received the
approval of the TSX Venture Exchange (the "Exchange") to
proceed with the consolidation of its outstanding common shares
(each, a "Share") on the basis of two (2) pre-consolidation
Shares for each one (1) post-consolidation Share (the
"Consolidation") previously announced September 1, 2016. As part of the
Consolidation, the Board of Directors have also approved moving to
an unlimited share capital.
Accordingly, effective at market opening on September 23, 2016, the Company's Shares will
commence trading on the Exchange on a post-Consolidation
basis. Following the Consolidation, the Company will have
approximately 1,481,184 Shares issued and outstanding.
No fractional shares will be issued as a result of the
Consolidation. In the event that the Consolidation would otherwise
result in the issuance of a fractional share, such fractional share
interest that is less than one-half of a Share will be cancelled
and each fractional common share that is at least one-half of a
Share will be changed to one whole Share. A Letter of
Transmittal with respect to the Consolidation will be mailed to the
shareholders of the Company post-Consolidation describing the
process by which shareholders may obtain new certificates
representing their consolidated Shares.
The Company also announces that the Exchange has granted the
Company an extension to the period by which the Company must
satisfy its continued listing requirement deficiency or be
transferred to the NEX referenced in the Company's September 1, 2016 news release. The Company
is actively searching for opportunities with interested parties to
create a value enhancing transaction that would enable the Company
to meet the continued listing requirements.
NORTHERN LION GOLD CORP.
John Lando, President
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, receipt of all required
regulatory approval, completion of the Consolidation, entering into
any transaction 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;
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
SOURCE Northern Lion Gold Corp.
