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Midas Gold Grants Shares & Cash to the Stibnite Foundation
VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced it has provided an initial cash grant o
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[{"type":"text","content":" VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced it has provided an initial cash grant of $100,000 and issued 1.5 million common shares in the capital of the Company (the “Foundation Shares”), valued at US$877,500, to launch the Stibnite Foundation in Idaho. These grants to the Stibnite Foundation (the “Foundation”) were made in accordance with the Company’s ongoing annual and milestone funding obligations pursuant to the terms of the Community Agreement, details of which can be found in the Company’s December 4, 2018 news release. The Foundation will support projects that benefit the communities surrounding the Stibnite Gold Project and was created through the establishment of the Community Agreement between Midas Gold Idaho and eight communities and counties throughout the West Central Mountains region of Idaho. The Foundation Shares are subject to, among other things, a hold period of four months, and may not be traded until August 17, 2019 except as permitted by applicable securities legislation and the rules and policies of the Toronto Stock Exchange. “Being involved in the communities where we work has always been a strong part of the ethos of our company,” said Laurel Sayer, CEO of Midas Gold Idaho. “Since day one, we have helped to support the projects and causes that are important to the community. Over the past ten years, we’ve donated hundreds of thousands of dollars to local organizations, helped support efforts to upgrade two community parks and given many hours of our time to give back to the place we call home. Establishing the Stibnite Foundation is the next chapter of our company’s commitment to giving back to Idaho.” Midas Gold will be required to directly address impacts of the Stibnite Gold Project, such as power and road improvements and environmental mitigation, through the permitting process. The Stibnite Foundation is intended to be a tool to fund projects that address other community desires and needs that may arise. Midas Gold will fund the Foundation through a combination of cash and stock contributions with the intent that the Foundation forms an endowment that can support local communities for generations. This is the first issuance of shares to the foundation, with additional cash and share grants scheduled tied to future...