Hanover Investors Ok Reverse Stock Split

Fri., May 8, 1998

From Staff

Shareholders of Hanover Gold Co. have approved a recapitalization plan designed to keep the Coeur d’Alene-based gold exploration company trading on Nasdaq.

Changes approved last year require all companies trading on Nasdaq’s SmallCap Market to have share prices of $1 or more.

The change, one of several approved by the Securities and Exchange Commission, was required to raise the bar for companies and protect shareholders, said Nasdaq spokesman Scott Peterson.

Hanover Gold Co. is one of 443 companies that has been out of compliance with the new standards. Hanover Gold’s stock closed at 40 cents per share Wednesday. To get back into compliance, shareholders agreed to a “reverse stock split,” said CEO and President Jim Fish.

The number of shares will be divided by four, bringing the value of the stock to more than $1, he said. A shareholder owning 40 shares, for instance, will now own 10.

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Hanover Investors Ok Reverse Stock Split

Jesse Tinsley

Jim Meehan

Molly Quinn

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