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Gold Standard Increases Investment In Battle Mountain Royalty Now Reduced On The Lewis Gold Project
(via Thenewswire.ca) Vancouver, British Columbia / TheNewswire / September 23, 2016 ...
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[{"type":"text","content":"Gold Standard Increases Investment In Battle Mountain Royalty Now Reduced On The Lewis Gold Project(via Thenewswire.ca)\n\n \nVancouver, British Columbia / TheNewswire / September 23, 2016 - Battle Mountain Gold Inc. (\"Battle Mountain\" or the \"Company\") (TSX-V: BMG) advises that further to our news release of June 16, 2016 (the \"June News Release\"), the Company has issued a total of 6,126,185 additional shares to Gold Standard Ventures Corp. (\"GSV\"). GSV has now exercised all of its 5,240,717 warrants (the \"Warrants\") to acquire an additional 5,240,717 common shares of Battle Mountain (the \"Warrant Shares\") at a price of CAD $0.37 per share for an aggregate purchase price of CAD $1,939,065 (the \"Warrant Purchase Price\"). In addition to the Warrant Shares, 885,468 shares have been issued on the basis set out in the paragraph following. \n\n \n \nThe gross proceeds from the exercise of the Warrants are being applied by Battle Mountain to partially fund a buy-down (the \"Royalty Buy-Down\") of the existing royalty for gold and silver (the \"Royalty\") on Battle Mountain's Lewis Gold Project in Lander County, Nevada, U.S.A. from 5% to 3.5% and the conversion of the Royalty from a gross royalty to a net smelter returns royalty. GSV also advanced an additional CAD $416,170 to Battle Mountain (the \"Additional Advance\") to fund the balance of the Royalty Buy-Down. GSV has advised that the Warrant Purchase Price and the Additional Advance totalling USD $1,850,000 (translated as CAD $2,355,235) have been funded by GSV through a combination of USD $925,000 cash and 532,864 common shares of GSV at a deemed price of USD $1.7359 (CAD $2.21) per share paid by GSV directly to the arm's length holder of the Royalty. Battle Mountain has now settled the Additional Advance from Gold Standard through the issuance of 885,468 common shares of Battle Mountain (the \"Additional Advance Shares\") at a fair value of CAD $0.47 per share.\n\n\n \n\n\n\n \nPrior to the issue by BMG of the Warrant Shares and the Additional Advance Shares, GSV owned 10,481,435 common shares of Battle Mountain. With the exercise of the Warrants and the issuance of the Additional Advance Shares, GSV now holds 16,607,620 common shares or approximately 28.2% of Battle Mountain's issued and outstanding common shares. In accordance with the policies of the TSX Ventur...