Business
New Jersey Mining Completes Reverse Stock Split and Name Change to Idaho Strategic Resources, Inc.
COEUR D'ALENE, ID / ACCESSWIRE / December 6, 2021 / New Jersey Mining Company (OTCQB:NJMCD) ("NJMC" or the "Company") is pleased to announce it has completed th
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / December 6, 2021 / New Jersey Mining Company (OTCQB:NJMCD) (\"NJMC\" or the \"Company\") is pleased to announce it has completed the FINRA corporate actions and steps required to effect the reverse stock split of its common stock at a ratio of 1-for-14, as previously approved by shareholders. The Company also received approval to change its name to Idaho Strategic Resources, Inc., also approved by shareholders. The Company's stock will begin trading on a post-split basis and under the new name of Idaho Strategic Resources, Inc. at the open of trading on December 6, 2021. Idaho Strategic Resources will continue to trade on the OTCQB under the symbol NJMCD for a period of 20 days following the Effective Date. Following the 20-day period the symbol will automatically revert to NJMC. NJMC CEO and President John Swallow stated, \"We continue advancing on a number of fronts - corporate, operations, personnel, exploration, etc. The FINRA approval was required to change our name and continue with up-listing to the NYSE American, and the next steps are underway. In addition to gold and real estate as historically recognized stores of value, we feel our domestic rare earth element (and associated energy) positioning provides stakeholders with a desirable early-stage risk/reward scenario. The anticipated supply/demand profiles in these nascent yet vital industries are adding to what is already a very exciting time for our company.\" At the effective time of the reverse stock split, every fourteen (14) shares of New Jersey Mining Company's issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of Idaho Strategic Resources, Inc. common stock, without any change in the par value per share. Shareholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the reverse stock split and name change. No fractional interest in a share of common stock will be deliverable upon the effectiveness of the reverse stock split. All shares of common stock (including fractions thereof) held by a holder immediately prior to the reverse stock split will be aggregated for purposes of determining whether the reverse stock split would result in a fractional share. Any fractional share resulting from such aggregation of common stoc...