Business
Carpathian Gold Inc. Completes Restructuring
TORONTO, ONTARIO--(Marketwired - April 29, 2016) - Carpathian Gold Inc. (CSE:CPN) (the "Corporation" or "Carpathian") advises that further to the previously ann
About this update from Euro Sun Mining Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - April 29, 2016) - Carpathian Gold Inc. (CSE:CPN) (the \"Corporation\" or \"Carpathian\") advises that further to the previously announced agreement by Yamana Gold Inc.'s Brio Gold division (\"Brio\") to purchase from Macquarie Bank Limited (\"Macquarie\") and the subsequent completion by Brio of such purchase of all Macquarie's rights and interest in its secured loan to the Riacho dos Machados gold project of Mineracao Riacho dos Machados Ltda. (\"MRDM\") in Minas Gerais, Brazil, Brio has acquired all of the Corporation's interest in MRDM in accordance with the amended and restated restructuring agreement (the \"Amended Restructuring Agreement\"). On April 29, 2016, the Ontario Superior Court of Justice (Commercial List) issued an order approving, among other things, a credit bid transaction, which was initiated by Brio with the cooperation of the Corporation, and the sale to Brio of all of the Corporation's direct and indirect equity interests in MRDM (the \"Restructuring\"). Brio has delivered to the Corporation and the directors of the Corporation and certain of its subsidiaries a full release and discharge with respect to any liability under (i) the project loan facility, the gold purchase agreement and the gold sale and purchase agreement and related guarantees previously entered into by Macquarie and the Corporation, MRDM and certain other subsidiaries of Carpathian, and (ii) Macquarie's security in respect of the foregoing agreements previously acquired by Brio from Macquarie, including the Corporation's guarantee thereof. None of the other assets of the Corporation have been affected by the Restructuring, and the Corporation continues to own its Romanian assets. Furthermore, as contemplated by the Amended Restructuring Agreement, Brio has entered into a subscription agreement with the Corporation whereby Brio has agreed to purchase 70,194,444 common shares (the \"Shares\") in the capital stock of the Corporation at a price of CAD$0.018 per Share for aggregate gross proceeds of US$1,000,000 (CAD$1,263,500) on a private placement basis. The subscription price for the Shares is based on the 20-day volume weighted average price thereof as of the close of business on April 26, 2016. The Corporation applied for and was granted an exemption from the Canadian Securities Exchange's minimum price r...