COUER D'ALENE, Idaho, Dec. 8, 2011 /PRNewswire/ -- Star Gold Corp. (OTC Markets: SRGZ). The Company recently received approval from its board of directors and shareholders to engage in a 1:6 reverse common stock split. Pursuant to the reverse split, holders of Star Gold common stock, as of November 30, 2011 (the "Record Date"), will receive one (1) share of Star Gold common stock in exchange for every six (6) shares of Star Gold common stock held by the shareholder on the Record Date (the "Reverse Split"). Following the execution of the Reverse Split the number of issued and outstanding shares of Star Gold common stock shall be reduced from 63,260,000 to approximately 10,543,333.
"The Board action allows for the Company to position itself favorably within the capital market. As Star Gold Corp.'s strategic plan is enacted, the Company will look to debt and equity markets for capital," said Star Gold President Lindsay Gorrill.
The Reverse Split will not be effective until the Company files a Schedule 14C with the Securities and Exchange Commission ("SEC"), clears SEC comment on the 14C and the Financial Industry Regulatory Authority ("FINRA") approves of the Reverse Split.
About Star Gold Corp. Star Gold Corp. is a gold exploration company with the purpose of acquiring, evaluating and developing gold projects of merit with a focus on the United States, Canada and Mexico. At present, Star Gold is focused on the exploration and development of its Excalibur Project and Longstreet Project, in Nevada, USA. For more information please visit www.stargoldcorp.com.
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Star Gold Corp. (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
SOURCE Star Gold Corp.