Listed gold explorer Glass Earth Gold has gained shareholder
approval to consolidate the number of shares on issue, with
10 old shares to be reissued as one new share.
Glass Earth has exited its long-standing Otago exploration
programmes, having spent the bulk of $40 million around the
province, selling its alluvial gold operations recently for
about $1.75 million to local interests to refocus on targets
in the central North Island.
While having successfully recapitalised several times during
the past eight years, that came at the cost of share
dilution. During the past year, Glass Earth shares had traded
from a 42c-high last November, to 2c or less since September.
The consolidation is still subject to approval from the
Toronto stock exchange's venture exchange.
Glass Earth will resume exploration of the WKP project near
Waihi, in a joint venture with Newmont Mining, while
exploration activities at its Neavesville
(Coromandel) project are delayed as negotiations with local
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