Business
Midas Gold Corp. Amends Investor Rights Agreement with Barrick Gold
VANCOUVER, British Columbia, March 25, 2019 (GLOBE NEWSWIRE) -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced that it
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[{"type":"text","content":" VANCOUVER, British Columbia, March 25, 2019 (GLOBE NEWSWIRE) -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced that it has amended the investor rights agreement dated May 16, 2018 (“IRA”) entered into with Barrick Gold Corporation (“Barrick”) in conjunction with Barrick’s US$38 million investment in Midas Gold completed in May 2018. These amendments were made at Midas Gold’s request and are designed to increase financing flexibility and options for Midas Gold, including a commitment by Barrick to provide a lead order. “As we continue to advance the Stibnite Gold Project through completion of a feasibility study and regulatory approval of our plan for the restoration and redevelopment of this brownfields site, Barrick’s investment and support has been instrumental in the progress we have made towards our goals,” said Stephen Quin, President & CEO of Midas Gold Corp. “We appreciate Barrick’s flexibility to accommodate our requested amendments to the terms of the IRA, and its willingness to commit to take its proportionate share of any future financing undertaken under the IRA, as amended.” As disclosed in its audited financial statements filed on SEDAR, at December 31, 2018 Midas Gold had a cash balance of US$29.9 million. “Barrick is pleased to support Midas Gold as it advances its Stibnite Gold Project in Idaho through the permitting and feasibility process,” said Mark Bristow, President & CEO of Barrick Gold. Barrick currently owns approximately 19.744% of Midas Gold’s issued shares. Amendments to the IRA include provision of a standby commitment from Barrick to fund up to an aggregate of US$5 million in respect of any future financing by Midas Gold that constitutes a \"Permitted Offering\" as defined in the IRA, subject to the terms and conditions of the amended IRA. The amendment to the IRA, which is subject to regulatory approval, will be filed under Midas Gold’s profile on SEDAR at www.sedar.com in accordance with applicable securities laws. For further information about Midas Gold Corp., please contact:Liz Monger -- Manager, Investor Relations (t): 778.724.4704(e): [email protected] Facebook: www.facebook.com/midasgoldidaho Twitter: @MidasIdaho Website: www.midasgoldcorp.com About Midas Gold and the Stibnite Gold ProjectMidas Gold Corp., through its wholly ...