MONTREAL, QUEBEC--(Marketwire - Aug. 2, 2012) - Uragold Bay Resources Inc (TSX VENTURE:UBR) announces that the Corporation will give effect to the consolidation of its common shares on the basis of four (4) pre-consolidation common shares for one (1) post-consolidation common share and that the post-consolidation common shares will commence trading on the TSX Venture Exchange at the opening of markets this Friday, August 3, 2012 under the current symbol "UBR" and new CUSIP number 91689A203.
Uragold shareholders authorized the consolidation at the shareholders meeting held on June 17, 2012.
The 168,990,532 pre-consolidation common shares issued and outstanding will be consolidated into approximately 42,247,633 post-consolidation common shares. If, as a result of the consolidation, a shareholder would otherwise be entitled to a fraction of a post-consolidation common share, the number of post-consolidation common shares will be rounded to the nearest whole number. The Corporation's currently outstanding stock options and warrants will be adjusted on the same basis with proportionate adjustments being made to the stock option and warrant exercise prices.
Uragold will mail letters of transmittal to the registered holders of its common shares, requesting that they forward their pre-consolidation common share certificates to the Corporation's transfer agent, Computershare Investor Services Inc., for exchange for new common share certificates representing their common shares on a post-consolidation basis.
About Uragold Bay Resources Inc.
Uragold Bay Resources is a junior exploration company trading on the TSX Venture Exchange under the symbol UBR. Uragold holds gold properties in Southern Quebec's Appalachian belt and also holds the Asbury Graphite Mine property in the Laurentians of Quebec. The properties benefit from extensive historical exploration work and from well-established infrastructure thereby helping to reduce exploration risks. Uragold's business model focuses on developing, a series of potential small scale low-cost mining operations for their potential in generating cash flow while simultaneously exploring core properties that hold the potential for the discovery of blue sky gold deposits like the MacDonald project.
Shares outstanding: 168,990,532
Neither the 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.