PRESS RELEASE / DATED September 23, 2008
Bear Lake Gold Completes Share Consolidation
Bear Lake Gold Ltd. (the ?Company? or ?Bear Lake?) (TSX.V: BLG) is
pleased to announce that it has proceeded with its previously announced
consolidation of the common shares of the Company. The consolidation was approved at the special
meeting of the shareholders of the Company held on September 11, 2008. The
consolidation results in each shareholder of the Company receiving one
post-consolidation share for every two pre-consolidation common shares held. Prior to the completion
of the consolidation the Company had 127,966,114 common shares outstanding, and
upon completion of the consolidation, the Company has approximately 63,983,057
post-consolidation common shares outstanding.
The Company filed articles of amendment pursuant to the Business Corporations Act (Ontario) to effect the consolidation on September 23, 2008. The consolidation has been accepted by the TSX Venture Exchange (?TSXV?). The post-consolidation common shares will commence trading on the TSXV as of the opening of trading on Wednesday September 24, 2008.
The
consolidation followed the business combination of NFX Gold Inc. (?NFX?) and Maximus Ventures Ltd. (?Maximus?)
which was completed by way of a plan of arrangement on September 16, 2008 (the
?Arrangement?). Under the Arrangement, NFX acquired all the issued and
outstanding shares of Maximus in exchange for NFX
common shares on a one-for-one basis and NFX changed its name to ?Bear Lake
Gold Ltd.?. On September 18, 2008, the common shares of Bear Lake began trading
under their new name and trading symbol, BLG. The trading of the common shares
of Maximus on the TSXV was halted on September 16,
2008 and the Maximus common shares were delisted from
the TSXV effective at the close of trading on September 18, 2008.
Letters of
transmittal with respect to the consolidation will be mailed to
former NFX registered shareholders. All registered
shareholders of the Company will be required to send their certificates
representing pre-consolidation common shares with a properly executed letter of
transmittal to the Company's transfer agent ? Equity Transfer &
Trust Company in Toronto, Ontario. Additional copies of the letter of
transmittal can be obtained through Equity Transfer. Letters of transmittal for
the Arrangement were sent to former Maximus
registered shareholders and all holders who have duly completed letters of
transmittal and submitted their Maximus common share
certificates in connection with the Arrangement will receive post-consolidation
Bear Lake common shares.
No certificates representing fractional post-consolidation common shares will be issued pursuant to the consolidation. All fractional shares resulting from the consolidation will be rounded down to the nearest whole number and no cash consideration will be paid in respect of fractional shares.
For further information please contact:
Francois Viens
President and CEO
Bear Lake Gold Ltd.
Tel: 450-677-1009
Fax: 450-677-2601
www.bearlakegold.com
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Gerri Paxton/Louise Quinn
Investor Relations
Bear Lake Gold Ltd.
Tel: 450-677-2054/677-3523
gpaxton@bearlakegold.com
lquinn@bearlakegold.com
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The TSX Venture Exchange has neither approved nor disapproved of the
contents of this news release.