Inland Resources Inc., founded in Spokane as Inland Gold & Silver Corp., has executed a 1-for-10 reverse stock split and announced a $10 million convertible preferred share placement.
The company, which now is based in Denver and develops oil and gas projects, also changed its trading symbol to INLND.
Treasurer Mike Stevens said the reverse split, effective Tuesday, boosted the share price to $7.50 on the NASD small-cap market.
The shares had traded around 50 cents, far below the $5 price needed to make the stock marginable and thus more attractive.
“We just thought it would open up the stock,” Stevens said.
The maneuver also lifted the stock out of the over-the-counter pink sheets, he noted.
Monday, the company said it would acquire oil wells owned by Smith Management Co. for 1.4 million shares of post-split stock. Smith also received the convertible shares.
Inland was established by Spokane area investors as Inland Gold & Silver Inc., which operated a gold mine in Nevada during the late 1980s and early 1990s.
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.