Resource Capital Gold Corp GDPEF

***** RCG******BANKRUPT******

[LOCKDOWN]

VANCOUVER, British Columbia, Jan. 29, 2019 (GLOBE NEWSWIRE) -- Resource Capital Gold Corp., TSXV:RCG (RCG or the Company) announces today that it has filed a Notice of Intention (the NOI) to make a proposal under the Bankruptcy and Insolvency Act (Canada) (the BIA). The initial NOI period will allow RCG to evaluate, with its partners, all available legal recourses and financial alternatives that may allow the Company to resume its operational production efforts as soon as possible and continue as a going concern. Pursuant to the NOI filing, PricewaterhouseCoopers Inc. has been appointed as the trustee in the proposal proceedings of RCG, and in that capacity will monitor and assist the Company in its restructuring effort. Following this announcement, the Company has requested a trading halt of the Companys common shares on the TSX Venture Exchange (the TSXV). There is no certainty as to timing or likelihood that the common shares will recommence trading on the TSXV or any other market.

[kenmar]

Skill testing question.... Name a mining company that has come out of this situation with a positive outcome?

[labrador6]

Hi guys, Dufferin Mine. I lost a lot of money in 2015 with Appalaches Resources. APP bought the mine for peanuts from another company who made bankruptcy. The mine's production by APP July, August and september 2014. Halt at the end of september. The end in january 2015. RCG bought the mine for peanuts. Production for couple of months? Halt, bankruptcy.... And in a few months/1 year another

[kenmar]

Except, this time Sprott financing has dibs on the assets. Having read the audited statements, there was a line in there that said, if need be, the management were confident that they could secure something. Sounded like it was a solution not exactly favourable to the stakeholders and would only be considered as a last alternative. Well, time has come to find out exactly what that solution might

[damianchosenone]

Jack was telling people just 2 weeks ago that bankruptcy is not anything that is being considered at the time. I have heard this for months now. He said they were working on a few things. I wonder why Metalla gave them 315000 in November for a 1% royalty stream. I saw that on the matalla Sedar filings and it confirmed it.

[kenmar]

Where is the Metalla info? Cannot find it anywhere.

[kenmar]

Damian, can't reply on your post for some reason. Thanks! Good find. Just sucks that I didn't hear it from the company themselves. Who got the money I wonder.

[kenmar]

It's not technically bankruptcy yet. They've been without money for a long time. This holds the creditors at bay for a bit.

[damianchosenone]

https://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00005157&issuerType=03&projectNo=02866945&docId=4451722 Look at page 4/18 it says east dufferin nsr 1 then you go to the page 12 letter e and it states right there that they purchased this subsequent to november 30th

[therager]

A duh, of course Jack got the money to pay his salary!!

[damianchosenone]

Jack also told people that bankruptcy wasn't on the table just 2 weeks ago as well!

[specky]

All is not lost yet! The fact that a streaming company provided this money for 1% royalty,could mean that they will be involved in the future. It may have been that the only way forward was to be under protection while a deal is being worked out.Time will tell

[kenmar]

It is certainly curious. Can't see how that company would throw good money after bad.

[therager]

not sure how that is good money after bad. Company bought a cheap royalty stream that runs in perpetuity with the property. They assumed the company would be taken over by Sprott Lending and eventually sold to a stronger and better capitalized company. It's is hard to see a path forward where the current equity stays in tact.