Business
New Jersey Mining Company Seeking Shareholder Approval for Name Change and Reverse Stock Split to Qualify for NYSE American Exchange
COEUR D'ALENE, ID / ACCESSWIRE / September 2, 2021 / New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") today announced it will seek shareholder a
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / September 2, 2021 / New Jersey Mining Company (OTCQB:NJMC) (\"NJMC\" or the \"Company\") today announced it will seek shareholder approval for a name change and reverse stock split to meet the share price requirements of the NYSE American Exchange. NJMC President and CEO John Swallow stated, \"Following a considerable amount of thought and feedback (especially as NJMC's largest shareholder), I/we feel the time is right for New Jersey Mining Company to seek a listing on a higher exchange, specifically the NYSE American Exchange. This has been a topic of discussion and on my mind for a while. And over the last couple of years, the number of conversations with institutional investors, investment advisors and other wealth management folks that are not currently permitted to invest in our shares due to share price and higher exchange listing requirements, has increased significantly. To accomplish our up-listing goal, we will undertake a 1 for 14 reverse stock-split. Keep in mind, I am typically not fond of reverse stock splits, however I believe under the right circumstances and timing they can work as a launch pad for the next phase of a company. And it is not difficult to see that, with our asset base and what is happening in the world, that this is one of those times. As a firm believer in free-markets and a fellow investor/shareholder, I feel the rules that pre-judge perceived riskiness of a company by share price alone is shortsighted and illogical. That being said, I also believe that disconnects can sometimes result in opportunity and we have waited patiently for the correct time to up-list (for the Company, the markets, politically and globally) to arrive. The assemblage of our extensive gold holdings, growing gold production profile and nationally recognized rare earth element projects is by design - and all of us stakeholders deserve the flexibility and exposure a higher exchange listing can bring. Regarding our name change proposal; after working through a bout of wistful nostalgia we have arrived at the appropriate name for the Company. And while ‘New Jersey Mining Company' has served us well, if we are to be honest that name is not the best representation of our Company, people or assets. Therefore, to more accurately reflect our Company as well as the proposed NYSE/Amex listing, we are...