Sage/GRIT Share Exchange Transaction
03 Marzo 2014 - 5:12PM
Marketwired
Sage/GRIT Share Exchange Transaction
TORONTO, ONTARIO--(Marketwired - Mar 3, 2014) - Sage Gold Inc.
(TSX-VENTURE:SGX) ("the Corporation" ) is pleased to announce that
that GRIT ("Global Resources Investment Trust"), a new UK based
investment trust, has published a prospectus pursuant to which GRIT
will, conditional on listing on the London Stock Exchange, complete
a share exchange with the Corporation, expected to become effective
on Friday March 7, 2014.
GRIT, an arm's length corporation, was established to seek to
exploit investment opportunities in the junior mining and natural
resource sectors. GRIT's investment objective is to generate medium
and long-term capital growth through investment in diverse
portfolios of primarily small and mid-capitalized natural resources
and mining companies which are listed on various global stock
exchanges.
The Corporation and GRIT have entered into an amended share
exchange agreement whereby the unit price and term of the warrant
have changed relative to the terms detailed in the press release of
November 12, 2013.The Corporation subscribed for 165,975 GRIT
Shares at a deemed value of £1.00 per GRIT Share in exchange for
the issuance of 6,000,000 units of the Corporation at a deemed
price of £.0277 per unit (the "Transaction") for total proceeds of
£165,975 (approximately $307,884 Canadian). Each unit would be
comprised of one common share in the capital stock of the
Corporation ("Common Share") and one Common Share purchase warrant
("Warrant") exercisable at a price of C$0.05 per Warrant for a
period of five years from the date of issue.
As at the date hereof, there are 123,991,245 Common Shares
issued and outstanding. Upon completion of the proposed
Transaction, GRIT would hold 6,000,000 Common Shares representing
approximately 5 % of the Corporation's issued and standing Common
Shares on a non-diluted basis.
Closing of the transaction requires the final approval of the
TSX-V and LSE and receipt of all other necessary regulatory
approvals in Canada and the United Kingdom.
Shares for Debt
The Company has agreed to settle an obligation of $36,080 owed
to two arms-length consultants by issuing 721,600 common shares
based on an agreed price of $0.05 per common share.
The issuance represents payments to two vendors pursuant to
consulting agreements. Sage may elect to settle payments in full
through the issuance of shares. The transaction is subject to TSX-V
approval.
PDAC 2014 - Booth
2347
SAGE GOLD INC. (TSX-VENTURE:SGX) cordially invites all current
and future shareholders to visit the Company at the 2014
Prospectors & Developers Association of Canada's International
Convention, Trade Show & Investors Exchange from Sunday March
2nd to Wednesday March 5th at booth 2347.
Members of the Sage management team will be available at the
booth to discuss the Company's highlights of 2013 and its plans for
2014.
Sage is a mineral exploration and development company which has
primary interests in near-term production and exploration
properties in Ontario. It's main properties are the Clavos Gold
deposit in Timmins and the Lynx deposit and other exploration
properties in the Beardmore-Geraldton Gold Camp. Technical reports
and information relating to the properties can be obtained from the
System for Electronic Document Analysis and Retrieval (SEDAR)
website at www.sedar.com and www.sagegoldinc.com.
This release was prepared by management of the Company who takes
full responsibility for its contents. Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.
This news release contains certain "Forward-Looking Statements"
within the meaning of Section 21E of the United States Securities
Exchange Act of 1934, as amended and "Forward Looking Information"
within the meaning of applicable Canadian securities legislation.
Some forward looking statements and forward looking information
contained in this release are forward-looking and, therefore,
involve uncertainties or risks that could cause actual results to
differ materially. Such forward-looking statements include comments
regarding mining and milling operations, mineral resource
statements, exploration program performance and closing of the
transaction. Factors that could cause actual results to differ
materially include metal price volatility, economic and political
events affecting metal supply and demand, fluctuations in
mineralization grade, geological, technical, mining or processing
problems, exploration programs and future results of exploration
programs, future profitability and production. The Company
disclaims any obligation to update forward-looking statements.
Sage Gold Inc.Nigel LeesPresident and
C.E.O.416-204-3170416-260-2243www.sagegoldinc.com
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