DKGR NEWS ITEM: Drake Gold Resources, Inc. Announces Decrease of Both Authorized and Outstanding Shares Monday November 26, 10:45 am ET
Drake Gold Resources Continues Its Campaign to Strengthen the Architecture of the Company With the Completion of an AS/OS Share Reduction
PORTLAND, OR--(MARKET WIRE)--Nov 26, 2007 -- Drake Gold Resources (Other OTC:DKGR.PK - News), with the help of company President John Marconette and CFO Thomas Conar, has undertaken a comprehensive plan to develop a strong corporate structure.
The first step of this plan, bringing up to date current filings and becoming a "current information provider," was completed recently (See PR of 11/20/07). We are now pleased to announce to our shareholders our second step: a decrease of both authorized and outstanding shares of Drake Gold Resources, Inc.
The Outstanding Shares has been decreased from 878,156,800 shares to 808,156,800 shares. (An additional 20-million share cancelation will follow pending paperwork finalization.)
The Authorized Shares has been decreased from 1,401,500,000 to 950,000,000 (900M common, 50M preferred.)
"Very few start-up companies are willing to demonstrate the kind of responsibility needed toward forming a solid share structure. I am proud to say Drake Gold Resources is one of them," said President John Marconette. "We will be sending a message to the market that we are serious in our mining aspirations and our intentions are to set the bar higher than any other company currently trading over the counter."
ABOUT DRAKE GOLD RESOURCES, INC.
Drake Gold Resources, Inc. is in the midst of creating a diversified natural-resource holding company, with a portfolio of precious and industrial metal-producing mines, as well as the creation of an oil/gas subsidiary.
Diversification, as well as innovative exploration tactics, are part of an overall strategic plan being carried out by the company's formidable team of natural-resource development executives. Diversification plans include the development of gas, oil, gold, silver, and industrial-metal producing projects. For further information about Drake Gold Resources please visit our website at http://www.DrakeGold.com.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks. Based upon industry standards Drake would be considered highly speculative. Additional risks to consider and that may apply: failure to meet financial and contractual obligations, managerial errors made due to the Company's limited experience and knowledge of the industry, commodity risk, acts of God and regulatory risk. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Contact: Contact: Drake Gold Resources, Inc. (DKGR)
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