Business
Carpathian Gold Inc. Provides Restructuring Update
TORONTO, ONTARIO--(Marketwired - March 31, 2016) - Carpathian Gold Inc. (CSE:CPN) (the "Corporation" or "Carpathian") advises that, further to its press release
About this update from Euro Sun Mining Inc.
[{"type":"text","content":"TORONTO, ONTARIO--(Marketwired - March 31, 2016) - Carpathian Gold Inc. (CSE:CPN) (the \"Corporation\" or \"Carpathian\") advises that, further to its press release of February 18, 2016, Brio Gold Inc. (\"Brio\") has (i) acquired from Macquarie Bank Limited (\"Macquarie\") all of Macquarie's rights and interests in 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, Mineracao Riacho dos Machados Ltda. (\"MRDM\") and certain other subsidiaries of Carpathian, and (ii) received from Macquarie an assignment of Macquarie's security in respect of the foregoing agreements (all of the foregoing agreements and the security are collectively referred to as the \"Financial Assets\"). As previously announced and in accordance with the amended and restated restructuring agreement entered into by the Corporation with Brio and Macquarie (the \"Amended Restructuring Agreement\"), the Corporation will begin work with Brio with respect to a restructuring procedure to be initiated by Brio with the objective of transferring 100% ownership of MRDM's Riacho dos Machados gold project in Minas Gerais, Brazil (the \"Project\") to Brio (the \"Restructuring\"). Pursuant to the Amended Restructuring Agreement, Brio will, upon the completion of the Restructuring, deliver to the Corporation and its directors a full release and discharge with respect to any liability under the Financial Assets, including the Corporation's guarantee thereof. Following the Restructuring, the Corporation shall continue to own its Romanian assets, but shall have no ownership or interest in, or liabilities in respect of, MRDM or the Project. As well, upon closing of the Restructuring, Brio has agreed to a US$1 million subscription of common shares of the Corporation, the whole at a price to be mutually agreed and subject to the requirements of the Canadian Securities Exchange. About Carpathian Carpathian is an exploration and development company whose primary business is gold production at its 100% owned Riacho dos Machados Gold Project in Brazil. In addition, it is also focussed on advancing its exploration and development plans on its 100% owned Rovina Valley Au-Cu Project located in Romania. Forward-Looking Statements: Statements and certain information co...