New Carolin Gold Announces Extension of Purchase Agreement Termination Date to April 15, 2015
White Rock, B.C. / TNW-ACCESSWIRE / January 14, 2015 / New Carolin Gold Corp. (the "Company" or "New Carolin") (TSX-V: LAD) announces that, further to its December, 2014 press release announcing the granting of a vesting order to permit Century Mining Corp.'s ("Century") Receiver to complete the sale of Century's interest in the Ladner Gold Project to New Carolin, the Company and the Receiver have agreed to extend to April 15, 2015 the date on which the purchase agreement will terminate if the closing conditions are not satisfied or another extension is agreed to by the parties.
Completion of the transaction pursuant to the purchase agreement is subject to the Company and the Receiver meeting certain closing conditions, which include but are not limited to the following:
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-the exercise by Century's receiver of the Tamerlane Option;
-the Company completing a $2,000,000 financing (debt, equity, asset sale or a combination thereof) to fund further development of the project and the operations of the Company;
-the Company making certain arrangements with some of its creditors to extend due dates to at least July 15, 2015 and to settle at least $500,000 of its existing accounts payable; and
-receipt of approval of the transaction from the securities regulators having jurisdiction, including the TSX Venture Exchange.
The Company is currently pursuing several financial sources to enable it to meet the closing conditions of the purchase agreement.
About New Carolin Gold
New Carolin Gold is a Canadian-based junior company focused on the exploration, evaluation and development of our strategic 144 square kilometers of contiguous mineral claims, collectively known as the Ladner Gold Project. The project is a short drive from Vancouver, British Columbia, in the prospective and under-explored Coquihalla Gold Belt, which is host to several historic small gold producers including the Carolin Mine, Emancipation Mine, Pipestem Mine and numerous gold prospects. For further Company and technical information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 778.294.1411
Cell: 604-220-5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.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 the accuracy of this press release.
We seek Safe Harbor.
Not for distribution in the United States.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required by law.
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