SCOTTSDALE, Ariz., Jan. 23, 2012 (GLOBE NEWSWIRE) -- Spartan Gold Ltd. (OTCBB:SPAG), a gold exploration and mining company, today announced a one-for-twenty reverse stock split that will become effective on January 24, 2012.
The primary purpose of the reverse stock split is to raise the per share trading price of the Company's common stock to lower transaction costs and increase interest from institutional investors and investment funds in an attempt to improve the trading liquidity. As part of the reverse stock split, FINRA will append a "D" to the Company's ticker symbol to indicate the completion of the reverse split. After a 20-day period following the reverse split, the ticker symbol will revert to "SPAG".
At the effective time of the reverse stock split, every twenty shares of the Company's pre-split common stock, par value $0.001 per share, will automatically be reclassified as and converted into one share of post-split common stock, par value $0.001 share. The number of authorized shares of the Company's common stock and its par value will remain unchanged.
About Spartan Gold Corporation: Spartan Gold Ltd. is a junior gold exploration and mining company with gold exploration and development activity centered in Nevada.
Forward Looking Statements: This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (which Sections were adopted as part of the Private Securities Litigation Reform Act of 1995). Statements preceded by, followed by or that otherwise include the words "believe," "anticipate," "estimate," "expect," "intend," "plan," "project," "prospects," "outlook," and similar words or expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could" are generally forward-looking in nature and not historical facts. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any anticipated results, performance or achievements. We disclaim any intention to, and undertake no obligation to, revise any forward-looking statements, whether as a result of new information, a future event, or otherwise. For additional risks and uncertainties that could impact our forward-looking statements, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2010, including but not limited to the discussion under "Risk Factors" therein, filed with the SEC, which you may view at http://www.sec.gov.