Newcastle Shareholders Approve Restructuring
19.02.2013 | FSCwire
Shareholders, including the Company's largest shareholder IAMGOLD, vote 97% in favour of restructuring planVictoria, British Columbia CANADA, February 19, 2013 /FSC/ - Newcastle Minerals Ltd. (TSX-V: NCM) (USOTC: NCMBF) ("Newcastle" or the "Company") is pleased to announce that its shareholders have voted overwhelmingly in favour of the restructuring plan announced January 10, 2013.
The Company will now proceed with the restructuring that will include:
* a share consolidation, with one new common share exchanged for every five old shares, that will result in the Company's current issued and outstanding capital of 103,566,118 common shares being reduced to 20,713,224 common shares;
* the Company changing its name to GoldON Resources Ltd. and its trading symbol on the TSX Venture Exchange to GLD; and
* an equity financing to fund the next phase of exploration on the Company's 100% owned Swayze Gold Property that adjoins IAMGOLD's multi-million ounce Cote Gold Project.
"We are pleased by the overwhelming support from our shareholders for the restructuring plan and sincerely believe it better positions the Company to achieve its long-term growth initiatives," said Newcastle's President Michael Romanik.
About Newcastle Minerals
Newcastle Minerals Ltd. is a Canadian gold exploration company trading on the TSX Venture Exchange (TSX-V: NCM). The Company is advancing its two key properties: the 15,500-hectare Pickle Lake Gold Property in northwestern Ontario; and the 6,640-hectare Swayze Gold Property that adjoins IAMGOLD's multi-million ounce Cote Gold Project in the Swayze Greenstone Belt of Ontario.
ON BEHALF OF THE BOARD
Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.