New Carolin To Acquire Additional 30% Interest In Ladner Gold Project
Surrey, BC. / TheNewswire / June 23, 2015 - New Carolin Gold Corp. (the "Company") (TSXV: LAD) wishes to announce it has negotiated the purchase of a further 30% interest in the Ladner Gold Project (the "Transaction"), which is being facilitated through the receiver of Century Mining Corp. ("Century").
In connection with the transaction, the Company has arranged a third party loan for $200,000 which has been placed in trust pending the closing of the transaction, which is subject to customary conditions, including notably the execution of customary documents for transactions of this nature and the receipt of the required regulatory approvals. The loan will be secured and the Company will issue 4 million bonus warrants priced at $0.05 to the lender in connection with the loan. This payment represents the final payment under an historical option agreement between Century and Tamerlane Ventures Inc. ("Tamerlane"), pursuant to which Century has the option to acquire Tamerlane's 30% interest in crown grants and mineral claims forming part of the Ladner Gold Project (the "Ladner Gold Project Rights").
The Ladner Gold Project consists of 144 square kilometers of contiguous mineral claims, with 9 crown grants, and hosts a 28 kilometer long section of the Coquihalla Gold Belt and Hozameen Fault. The Company currently controls 100% of the mineral titles to approximately. (half) 72 sq km of the Ladner Gold Project, and has a beneficial 10% interest in the Ladner Gold Project Rights held by Century and Tamerlane. Upon closing of the Transaction, the Company will control a 40% interest in the Ladner Gold Project Rights with Century owning the remaining 60% interest, until completion of the previously announced transaction between the Company and the receiver to the assets of Century, pursuant to which the Company has agreed to purchase, subject to certain conditions, all of the rights, titles and interests of Century in the Ladner Gold Project Rights (see news releases dated August 27, 2014 and April 17, 2015 for more information on the transaction).
The Company also announces, subject to regulatory approval, a non-brokered Unit Private Placement in the amount of up to $200,000.00. The Unit will consist of one Common Share at $0.05 and one Share Purchase Warrant at an exercise price of $0.08 per share, exercisable for a period of two years following the closing. The Company also provides notice of its intention to issue 700,000 Stock Options priced at $0.05 to a new director of the Company.
The Company also reports that having filed a revised Technical Report on the Ladner Gold Project, as noted in a press release issued June 2, 2015, the Company has been removed from the "default issuers list" by the BCSC.
About New Carolin Gold Corp.
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: 604-542-9458
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.
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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 to do so by law.
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