Crown Gold Announces Changes in Terms for Two Series of Warrants Issued by Gold Summit
28 Dezembro 2010 - 3:38PM
Marketwired
Crown Gold Corporation ("Crown" or the "Company") (TSX VENTURE:
CWM) announces that, pursuant to the terms of warrants (the
"Warrants") issued by one of its predecessors, Gold Summit
Corporation, on May 21, 2009 and on June 12, 2009 (part of
non-brokered private placements (the "Offerings") of 2,785,964
units and 1,818,898 units, respectively, both at a price of $0.10
per unit), the Company has elected to exercise its right (the
"Acceleration Right") to advance the expiry date and reduce the
period within which the Warrants may be exercised, and has sent
written notice of the acceleration to each of the holders of
Warrants. As a result of the amalgamation of Crown Minerals Inc.
and Gold Summit Corporation to continue as Crown Gold Corporation,
the warrants issued by Gold Summit Corporation were adjusted on a
1.65:1.00 ratio with the number of warrants being increased on that
ratio and the exercise price being reduced to $0.09091 per share.
The Warrants now have an exercise price of $0.09091 per share and
will now expire on February 10, 2011.
The Acceleration Right was triggered when, for a period of 20
consecutive trading days, the volume weighted average closing price
of the Company's common shares on the TSX Venture Exchange was at a
price equal to or greater than $0.1515 (the original trigger price
of $0.25 was adjusted by the amalgamation ratio of 1.65:1.00). That
condition for acceleration of the expiry date was met on December
22, 2010. Warrant holders will be entitled to exercise the Warrants
until 5:00 p.m. (Toronto time) on February 10, 2011. All Warrants
not exercised on or before such time will expire and be of no
further force and effect.
Crown Gold, formed by the recent amalgamation of Crown Minerals
and Gold Summit, is exploring for high grade gold and silver
deposits in Nevada and Ontario. In Nevada, Crown has NI 43-101
compliant inferred resources totaling approximately 337,000 ounces
of gold at its Monte Cristo and Sugarloaf properties. These are the
most advanced of five, high-grade, epithermal vein systems
controlled by the company. The existing resources at Monte Cristo
and Sugarloaf remain open along strike and at depth. Planning for
further exploration and underground or open-pit development is
underway. The three other Nevada properties, Blue Sphinx, Gold
Springs and Black Warrior, all contain well-defined, essentially
undrilled, targets.
In Ontario, Crown has reported encouraging assay results from
drilling on its McKenzie Island property at Red Lake. Crown is
planning additional drilling on the McKenzie Island project in the
first quarter of 2011. Other northwest Ontario properties are
Tabour Lake near Kenora and Surprise Lake in the Uchi Belt, east of
Red Lake. In northeastern Ontario, the Company holds strategic land
positions adjacent to Trelawney's Chester discovery near Gogama, at
the old Stairs Mine near Matachewan and in the Timmins camp.
Forward-looking Information: This news release may contain or
refer to forward-looking information. All information other than
statements of historical fact that address activities, events or
developments that Crown believes, expects or anticipates will or
may occur in the future are forward-looking statements. These
forward-looking statements are subject to a variety of risks and
uncertainties beyond Crown's ability to control or predict that may
cause actual events or results to differ materially from those
discussed in such forward-looking statements. Any forward-looking
statement, speaks only as of the date on which it is made and,
except as may be required by applicable securities laws, Crown
disclaims any intent or obligation to update any forward-looking
statement, whether as a result of new information, future events or
results or otherwise. Although Crown believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and, accordingly, undue reliance should not be placed on these
forward-looking statements due to the inherent uncertainty
therein.
Neither the TSX Venture Exchange nor its Regulation Service
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
contents of this news release.
Contacts: Crown Gold Corporation Mr. Stephen Dunn President and
CEO (416) 822-3343 Crown Gold Corporation Dr Anthony Taylor
Executive Chairman (775) 284-7200 info@crowngoldcorp.com
www.crowngoldcorp.com
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