Nitro Completes Return of Shares to Treasury
Nitro Petroleum, Inc. announced that the company's majority stockholder has surrendered its ownership of 100 million shares of the company's common stock. Those 100 million shares have been cancelled and will be returned to treasury stock. The cancellation of these 100 million shares resulted in a 67% reduction in company's total outstanding shares. The company now has 48,540,000 shares of common stock outstanding.
Larry Wise, President of Nitro, explains that with the new market cap we can now move ahead with potential financing opportunities in this very exciting Energy market.