Mexus Gold US has reported completion of a 1-for-20 reverse split of its stock. Trading of the stock will commence at its new price when the market opens shortly.
The company considers that all parties involved with the company realize the need for this move provided the volume of shares outstanding at present.
Also, Mexus Gold thinks this move together with the positive news that has been announced recently will enable the stock price to increase and precisely reflect the company’s value. Moreover, an increase in stock price will offer Mexus Gold the chance to uplist the stock as soon as all parameters for doing so have been fulfilled.
Recently, Mexus Gold declared the finding of a considerable amount of gold trapped in silver chloride at the base of the heap leach pad situated at its Santa Elena mine. As announced in its recent press release, the company observed that its ball mill gravity recovery system would be utilized to retrieve this gold.
Currently, the company can state that the gold recovery is taking place with the help of this circuit and the outcomes are excellent. Indeed, as a result of such recent measures, the company was capable of selling gold with a net recovery of $9,339.85. Gold recovery from this material has been continuous.
Mexus Gold has contracted David H. Fell & Company of Commerce, CA, to manage its gold sales processing. The gold sold was directly associated with the silver chloride material. The variations in recoveries faced by the company will be rectified by the end of the year.
By removing silver chloride, the company can continuously mine material from the Julio shear zone and position it on the heap leach pad.
Besides, Mexus Gold can mine high-grade mineralized material from the Julio quartz system and run it over the ball mill gravity circuit. The company will be retrieving gold from two distinct systems at the Santa Elena mine.
Mexus Gold owns several properties that it is involved with at present. The Santa Elena mine includes both the 8 Brothers/370 property and the Mabel property. Both these properties are highly desired because of their prospective copper, silver, and gold holdings.
This was the right time to do a reverse split. The company has had to use convertible loans and share offerings to keep the business moving forward. I believe that the need for future loans and the risk of additional dilution is now ended given our recent discoveries. I also believe that the combination of less shares in the market along with our recent findings will allow the stock to move to a much higher level which will be a true representation of the company’s value.
Paul Thompson, Chief Executive Officer, Mexus Gold US