Newcastle Gold issues 10.76 million shares to Sprott
2016-02-01 16:17 ET - News Release
Mr. Marty Tunney reports
NEWCASTLE GOLD ISSUES SHARES TO SPROTT RESOURCE LENDING CORP.
Newcastle Gold Ltd. has issued 10,769,230 common shares of the company to Sprott Resource Lending Corp. to satisfy Newcastle's $3.15-million obligation pursuant to the share purchase agreement dated Sept. 6, 2012, between Newcastle and Sprott, as amended, in relation to the acquisition of the Castle Mountain project. The third and final payment of $5-million remains due to Sprott on Sept. 6, 2018, unless, at any time following Sept. 6, 2017, the price of Newcastle's common shares based on a 20-day volume-weighted average price exceeds 65 cents, in which case the third payment becomes immediately due and payable. The third payment is payable in cash, common shares or a combination of both, at the election of the company.
We seek Safe Harbor.
