NOTE 12 SIGNIFICANT TRANSACTIONS
There was a significant change to the Companys management team during the fiscal year of 2011. Upon becoming the majority shareholders of the Company, they introduced a new management team to oversee the Companys operations. The number of directors on the Board was increased to seven.
On July 1, 2011, the Companys Board of Directors adopted a new business strategy to engage in business activities beyond mining and, in connection with the Companys new strategy, the Board of Directors adopted resolutions authorizing a change in the Companys name from Nevada Gold Holdings, Inc. to Global Hybrid Technologies, Inc. On July 7, 2011, Far East Golden Resources Investment Limited, the holder of a majority of the Companys outstanding shares of common stock, authorized and approved such name change by written consent.
On July 1, 2011, the Companys Board of Directors authorized, and on July 7, 2011, the Companys majority shareholder approved an amendment to the Companys Certificate of Incorporation to effect a one-for-fifty (1:50) reverse stock split of the common stock, $0.001 par value per share, pursuant to which each fifty (50) issued and outstanding shares of Common Stock as of the time such amendment becomes effective (the Split Effective Time), shall be combined and converted (the Reverse Split) automatically, without further action, into one (1) fully paid and non-assessable share of Common Stock.
However, due to a highly probable litigation brought upon by a team of minority shareholders, the name-change and the reverse-split have not been finalized as of December 31, 2011.