|By Marketwired .||
|August 21, 2014 04:30 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 08/21/14 -- Sage Gold Inc. ("Sage" or the "Company") (TSX VENTURE:SGX) is pleased to announce the effective date for the consolidation of the Company's common shares (the "Common Shares") on a 15 old Common Shares for one (1) new Common Share basis (the "Share Consolidation"). Effective Friday, August 22, 2014, the Common Shares will commence trading on the TSX Venture Exchange on a post-Share Consolidation basis under the same stock symbol "SGX". The new CUSIP number for the Common Shares is 78663T308.
The Share Consolidation was approved by shareholders at the Company's Annual and Special Meeting held on June 18, 2014, and was subsequently approved by the TSX Venture Exchange.
Upon implementation of the Share Consolidation, the Company will have 8,732,268 issued and outstanding Common Shares. The change in the number of issued and outstanding Common Shares resulting from the Share Consolidation will not materially affect any shareholder's percentage ownership in the Company, although their respective ownership will be represented by a smaller number of Common Shares. All outstanding incentive stock options, share purchase warrants and other convertible securities of the Company will be adjusted accordingly to reflect the Share Consolidation.
Further to its press release dated July 11, 2014, and in connection with the Share Consolidation, the Company announces that 3,750,000 previously issued special warrants (the "Special Warrants") will be automatically converted tomorrow, on a post- Share Consolidation basis, into 250,000 units (the "Units") of the Company. Each Unit shall comprise of one Common Share and one Common Share purchase warrant (each a "Warrant"). Each Warrant shall be exercisable into one Common Share at a price of $0.45 per Common Share expiring on July 11, 2016. Following the issuance of the Common Shares underlying the Units, there will be an aggregate of 8,982,268 Common Shares issued and outstanding on a post-Share Consolidation basis. The securities issued pursuant to conversion of the Special Warrants are subject to an existing four month and one day statutory hold period expiring on November 12, 2014.
Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold project in Timmins and the Lynx project and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
CAUTIONARY STATEMENT: Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements", which often, but not always, can be identified by the use of words such as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". These statements are based on information currently available to Sage and Sage provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements with respect to Sage's future plans, objectives or goals, to the effect that Sage or management expects a stated condition or result to occur, including Sage's business, and financing plans. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of Sage's mineral properties, and Sage's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with Sage's activities; and other matters discussed in this News Release and in filings made with securities regulators. This list is not exhaustive of the factors that may affect any of Sage's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on Sage's forward-looking statements. Sage does not undertake to update any forward-looking statement that may be made from time to time by Sage or on its behalf, except in accordance with applicable securities laws.
Sage Gold Inc.
President and C.E.O.
Sage Gold Inc.
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