Business
Wesgold Options the 25,790 Hectare Cordoba Property, Colombia; Arranges Convertible Debenture Financing
Jun. 6, 2011 (Canada NewsWire Group) -- VANCOUVER, June 6, 2011 /CNW/ - Wesgold Minerals Inc....
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"\n\n\n Jun. 6, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, June 6, 2011 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is\n pleased to announce that it has entered into an agreement pursuant to\n which it may obtain, subject to stock exchange approval, the option to\n acquire up to a 51% interest in a Colombian mineral target known as the\n Cordoba Property from Minatura International LLC ("Minatura").  The\n Cordoba Property consists of one mining concession contract and several\n mining claims covering 25,790 hectares in the Department of Cordoba,\n Colombia, 200km north of the city of Medellin, which are prospective\n for iron-oxide-copper-gold style (IOCG) mineral deposits.\n\n\nThe terms of the transaction are as follows:\n\n\n\nThe Company will lend $2.0 million (the "Loan") to Minatura, the Loan\n being secured by the Property.\n\n\nThe $2.0 million will be raised by the Company, subject to exchange\n approval, by way of a private placement of debentures which are\n convertible into an aggregate of 4,878,050 common shares of the Company\n at the rate of $0.41 per share on or before May 31, 2012, and will bear\n interest at the rate of 8% per annum.\n\n\nUpon completion of the Loan, a mutually acceptable person nominated by\n Minatura will be appointed to serve on Wesgold's Board of Directors.\n\n\nSubject to due diligence on the Cordoba Property satisfactory to Wesgold\n and receipt of stock exchange approval, Wesgold will acquire an i...