Miranda Gold Corp
15381 - 36th Avenue
South Surrey, BC V3Z 0J5
Tel: (604) 417-4653
Fax: (604) 648-8706
TSX Venture Exchange Symbol: MAD
Frankfurt and Berlin Stock Exchange Symbol: MRG
NASD OTC Bulletin Board Exchange Symbol: MRDDF
|Jun 26, 2018|
Gold Torrent Fails to Fund Lucky Shot Development; Miranda Maintains Its Option for a 3.3% Royalty
Vancouver, BC, Canada -- June 26, 2018 -- Miranda Gold Corp. ("Miranda") (TSX-V: MAD) is announcing that Gold Torrent, Inc. ("GTI") was unable to complete its share financing required under the agreement with Cartesian Royalty Holdings. As a consequence of this, GTI and Alaska Gold Torrent, LLC ("AGT LLC") are in default under the project finance arrangement with Cartesian Royalty Holdings, Cartesian Capital Group, and CRH Funding II Pte. Ltd. and will not receive development financing.
Miranda maintains its installment purchase of the 3.3% NSR on the project, in anticipation of future production.
After discussions between Miranda and Cartesian, it was determined that the best course of action for Cartesian was to foreclose on the Deed of Trust, and to request that GTI and Miranda sign over their respective holdings in AGT LLC to satisfy the provisions of the Deed of Trust.
Pursuant to a Membership Transfer and Assignment Agreement, both GTI and Miranda have now transferred their respective ownership in AGT LLC to CRH Funding II Pte. Ltd. for the consideration of CRH Funding II Pte. Ltd. assuming all of the obligations of GTI and Miranda under the AGT LLC Operating Agreement and that each of the parties is released from all liability on such assumed obligations arising after the date of transfer, being June 13, 2018.
Miranda has agreed to continue to work with Cartesian on other scenarios in order to assist with bringing the Lucky Shot project to production.
Miranda is a gold Prospect Generator active Colombia, whose emphasis is on acquiring gold exploration projects with world-class discovery potential. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects to maximize exposure to discovery and minimize exploration risk. Miranda has an ongoing relationship with IAMGOLD in Colombia.
For more information related to Miranda contact Joseph Hebert, Chief Executive Officer at 1-775-340-0450 or firstname.lastname@example.org. - www.mirandagold.com
Neither the 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.
View News Release in PDF format:
You can view the Next News Releases item: Wed Aug 29, 2018, Miranda Announces Parthership With Newmont To Explore The Lyra Project Adjacent To The Buriticá District In Colombia
You can view the Previous News Releases item: Thu Jun 21, 2018, Miranda's New Applications Provide A Regional-Scale Exploration Play Between Continental Gold's Buriticá And Anglogold Ashanti's Nuevo Chaquiro
You can return to the main News Releases page, or press the Back button on your browser.