May 10, 2010 (FinancialWire) — GoldSpring, Inc. (OTCBB: GSPG) said that it has received stockholder approval to effect a one-for-two hundred reverse stock split of its common stock.

Under the plan, each block of two hundred shares of common stock registered in the name of each stockholder on the applicable record date of the reverse stock split will be converted into one share of the Company's common stock.  

The written consent of the shareholders provides that the GoldSpring board may affect the reverse stock split at any time on or prior to December 31, 2011. The company's board has approved the immediate implementation of the reverse stock split and all necessary documents and notifications to the appropriate regulatory agencies, including the required notification to FINRA, to affect the reverse stock split, have been filed.

GoldSpring’s board has also established the record date for the reverse stock split to be effective as the day next following the receipt from FINRA that the notification has been approved, which is expected to be no later than May 18, 2010.  

The approval of the reverse stock split is the first step in the company's strategic plan designed to restructure and recapitalize GoldSpring, accelerate mine development and continue exploration, according to the firm.

Nevada-based GoldSpring is a North American precious metals mining company, focused in Nevada, with contiguous property in the Comstock Lode District.  

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