Business
New World Gold Corporation Issues Reminder to Its Shareholders on Dares and Procedures for Upcoming Royalty
New World Gold Corporation Issues Reminder to Its Shareholders on Dares and Procedures for Upcoming Royalty.
About this update from New World Gold Corporation
[{"type":"text","content":"\n \n New World Gold Corporation (OTC Pink: NWGC), a gold mining and milling \n company with existing operations in Ecuador and Peru, is issuing this \n press release as a follow-up to its release of September 22, 2015, to \n remind its shareholders of the dates and procedures specific to the \n royalty from the production of the new BR Mine, which goes into \n production on November 1, 2015.\n \n \n Once in full production, the Company has forecast gold production from \n the BR Mine to be 6 grams of gold per ton from the projected processing \n of 100 tons of ore per day (20 ozs of gold). The royalty will be paid to \n “qualifying shareholders” (see below) and will be up to 25% per year or \n a maximum of $2,000,000 US of the revenue from annualized production \n solely from the BR Mine. (The Company cannot guarantee the amount of the \n royalty, in whole or in part, due to multiple variables.)\n \n \n Assuming a maximum $2,000,000 royalty to be paid per year against a \n maximum of all the Company's authorized shares of common stock, \n 3,000,000,000 shares, the royalty would equate to $.0007 per share per \n year.\n \n \n Once production begins, royalties will be accrued by the Company per \n calendar month, and paid at six month calendar intervals after October \n 30, 2015, for as long as the BR Mine is in production, but for a period \n not to exceed 24 months, or until October 30, 2017, after which the \n royalties will terminate.\n \n \n Each royalty payment shall be made within the first 75 calendar days \n following the end of its respective six month accrual period.\n \n \n “Qualifying shareholders” are shareholders of record as of the market \n close of Friday, October 30, 2015, holding title to not less than \n 1,000,000 shares of common stock of the Company at that time and who are \n holding title to not less than the same amount as of the market close on \n Friday, April 29, 2016.\n \n \n Each shareholder initially qualifying as of October 30, 2015 will \n receive a written confirmation from the Company of their qualification \n to receive the royalty (pending their holdings on April 29, 2015) not \n later than January 31, 2016. In response to the Company letter, the \n shareholder may provide payment instructions, including directing \n payment to the shareholder or her/his successors or ...