Affinity Gold Corp. Announces Reduction in Authorized Common Sharesadmin
Affinity Gold Corp. announce a recent amendment to its Articles of Incorporation by reducing the amount of authorized common shares.
Effective July 23, 2009, the Company amended its Articles of Incorporation by reducing its authorized capital of 2,700,000,000 shares of Common Stock with a par value of $0.001 per share and 10,000,000 shares of Preferred Stock with a par value of $0.001 per share to 250,000,000 shares of Common Stock with a par value of $0.001 per share and 10,000,000 shares of Preferred Stock with a par value of $0.001 per share. The issued and outstanding shares were not affected as a result of the decrease in the authorized shares of Common Stock.
On June 12, 2009, the Company’s Board of Directors unanimously adopted resolutions approving the amendment to the Articles of Incorporation. In addition, on June 19, 2009, the holders of a majority of the Company’s issued and outstanding shares of common stock approved the amendment to the Company’s Articles of Incorporation.
Antonio Rotundo, CEO of the Company, stated “the board felt this was a necessary action to improve the share structure, encourage equity investment into the Company and strengthen existing shareholders’ investments in the Company.”