Red Eagle completes private placement in CB Gold 2015-11-06 06:53 ET - News Release
An anonymous director reports
RED EAGLE MINING COMPLETES PRIVATE PLACEMENT IN CB GOLD
Red Eagle Mining Corp. has acquired 16,917,789 common shares of CB Gold Inc. at a price of six cents per share by way of private placement. On closing of the private placement, the former directors and officers of CB Gold resigned, Red Eagle Mining directors Tim Petterson, Jay Sujir, and Ian Slater were appointed to the board of CB Gold, Mr. Slater was appointed chief executive officer, and Chui Wong was appointed chief financial officer.
Red Eagle Mining and Batero Gold Corp. hold 51 per cent (107,505,972 shares) and 39 per cent, respectively, of CB Gold shares. Red Eagle Mining plans to delist CB Gold and together with Batero proportionally finance the development of the Vetas gold project. Batero has the right to participate in future financings in order to maintain its pro rata interest and to nominate directors to CB Gold's board in proportion to its ownership interest.
Red Eagle Mining acquired the shares under the private placement for investment purposes only. Red Eagle Mining may acquire additional shares of CB Gold in the future.