Frontline Gold Announces Shares for Debt Transaction
27.03.2013 | Marketwire
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.TORONTO, ONTARIO -- (Marketwire - March 27, 2013) - Frontline Gold Corporation (TSX VENTURE:FGC) ("Frontline" or the "Company") announces that it has entered into a debt settlement agreement ("Agreement") with Walter Henry, President and CEO, a creditor of the Company pursuant to which the Company agreed to issue an aggregate of 20,000,000 common shares ("Shares") at a deemed price of $0.05 per Share. The amount of indebtedness settled by the Agreement is $1,000,000, which represents outstanding amounts for cash advances by Mr. Henry to the Company. The Company chose to settle this outstanding indebtedness with Shares as part of its plans to move the Company forward and in order to preserve its potential funds for operations.
The issuance of shares is subject to the approval of the TSX Venture Exchange (the "Exchange") and subject to a 4-month hold period. The Company will issue the Shares once the issuance has been approved by the Exchange.
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company with an experienced discovery team and a proven record of accomplishment. The Company's flagship properties include the Menderes gold project in the Izmir province of Western Turkey and the Niaouleni gold project in southern Mali in the heart of West Africa's prolific gold belt. Ongoing Canadian exploration includes the Poly (gold VMS) and the Stewart (gold-copper porphyry) projects.
For further information, please visit the Company's website at www.frontlinegold.com to view the most recent corporate presentation.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Frontline Gold Corporation
Walter Henry, President & CEO
(416) 362-9100
(416) 362-9300 (FAX)
info@frontlinegold.com
www.frontlinegold.com