ORIGINAL: New Placer Dome Gold Obtains Financing for the Bolo Property
2021-12-13 09:01 ET - News Release
Not for distribution to U.S. news wire services or dissemination in the United States.
VANCOUVER, BC / ACCESSWIRE / December 13, 2021 / New Placer Dome Gold Corp. (TSXV:NGLD) (" New Placer Dome " or the " Company ") is pleased to announce that, further to its news release dated December 3, 2021, it has obtained a loan of up to US$840,000 (the " Loan ") by way of a convertible promissory note dated December 10, 2021 (the " Convertible Note ") from Copaur Minerals Inc. (" Copaur "), the proceeds of which will be used by the Company to fund its ongoing exploration work on the Bolo Property and to meet its 2021 work expenditure commitment on the property.
The Loan has a term of one year and will bear interest at an interest rate of 10% per annum calculated and compounded monthly. Subject to obtaining TSX Venture Exchange approval, the Loan is convertible into units of New Placer Dome (" Units ") at Cdn$0.08 per Unit: (i) at the option of Copaur at any time on or subsequent to May 31, 2022 or earlier as a result of certain other events; or (ii) at the option of the Company on or subsequent to the maturity date of the Loan. Each Unit will consist of one common share of New Placer Dome and one common share purchase warrant with each warrant exercisable into one common share of New Placer Dome at a price of Cdn$0.12 per share for a period of 36 months. Copaur has the ability to accelerate repayment of the principal amount of the Loan in the event of the occurrence of certain customary default events.
The Convertible Note is subject to a four month and one-day restricted resale period expiring on April 11, 2022, in accordance with the policies of the TSX Venture Exchange and applicable securities law. All securities issuable under the terms of the Convertible Debenture will similarly be subject to a four month and one-day restricted resale period.
About New Placer Dome Gold Corp.
New Placer Dome Gold Corp. is a gold exploration company focused on acquiring and advancing gold projects in Nevada. New Placer Dome's flagship Kinsley Mountain Gold Project located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture, Nevada Gold Mines), hosts Carlin-style gold mineralization, previous run of mine heap leach production, and NI 43-101 indicated resources containing 418,000 ounces of gold grading 2.63 g/t Au (4.95 million tonnes) and inferred resources containing 117,000 ounces of gold averaging 1.51 g/t Au (2.44 million tonnes) [1]. The Bolo Project, located 90 km northeast of Tonopah, Nevada, is another core asset, similarly hosting Carlin-style gold mineralization. New Placer Dome also owns 100% of the Troy Canyon Project, located 120 km south of Ely, Nevada. New Placer Dome is run by a strong management and technical team consisting of capital markets and mining professionals with the goal of maximizing value for shareholders through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.