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Magellan Gold Corporation Announces Completion of Reverse Split of Its Common Stock
Magellan Gold Corporation Announces Completion of Reverse Split of Its Common Stock.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n\n\n\nMagellan Gold Corporation Announces Completion of Reverse Split of Its Common Stock\n\n\n\n\n\nMagellan Gold Corporation Announces Completion of Reverse Split of Its Common Stock\nPR Newswire\nRENO, Nevada, January 4, 2019\n\n\n\nRENO, Nevada, January 4, 2019 /PRNewswire/ --\n\nMagellan Gold Corporation (OTCQB: MAGE) (\"Magellan\" or \"the Company\"), a U.S. based mining and exploration enterprise focused on silver and gold, announced today the effectiveness of a 1-for-50 reverse split of its common stock. Shares of Magellan common stock will begin trading on a split-adjusted basis on the OTCQB Marketplace at the market open on January 7, 2019.\n\n\"The completion of this reverse split marks an important step in the recapitalization we have accomplished over the course of the last year,\" said W. Pierce Carson, President and CEO of Magellan. \"We believe this reverse split will increase the attractiveness of our stock to investors and ultimately facilitate the raising of additional capital to support our growth plans.\"\n\nThe Company's ticker symbol will remain unchanged; however, a \"D\" will be appended to the existing MAGE ticker symbol (\"MAGED\") for a period of 20 business days following the effective date to signify that the reverse split has taken place. In addition, the Company's common stock has been assigned a new CUSIP number (559078 209) to reflect the reverse split.\n\nEffective as of October 19, 2017, a majority of the Company's stockholders approved by written consent a proposal authorizing the Company's board of directors to effect a reverse split of the Company's outstanding shares of common stock at a ratio of up to 1-for-50. On November 26, 2018, the board of directors approved the reverse stock split at a 1-for-50 split ratio, which was publicly announced previously. On January 3, 2019, the Financial Industry Regulatory Authority (\"FINRA\") informed the Company that the reverse split would be effective on January 7, 2019.\n\nAs a result of the reverse split, every 50 shares of the Company's pre-reverse split common stock will be consolidated automatically into one share of common stock.  No cash or fractional shares will be issued in connection with the reverse split.  Instead, the Company will round up to the next whole share when issuing post-split shares to stockholders. The number of ...