Business
Vista Gold Corp. Announces The Closing Of The Loan Extension
DENVER , Nov. 12, 2013 /CNW/ - Vista Gold Corp. ("Vista" or the "Company") (NYSE MK...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\n\nDENVER, Nov. 12, 2013 /CNW/ - Vista Gold Corp. (\"Vista\" or the \"Company\") (NYSE MKT and TSX: VGZ) announced the closing of the previously announced agreement with its lender, Sprott Resource Lending Partnership (\"Sprott\"), to extend the maturity date of its Cdn$10 million loan from March 2014 to March 2015. The interest rate remains unchanged at 8% per annum, payable monthly. Pursuant to the terms of the original loan agreement, as an extension fee Vista issued Sprott 486,382 common shares, which shares represent 3.5% of the loan value.\nFrederick H. Earnest, President and Chief Executive Officer, said, \"We are fortunate to have a lender that has a longer term view and understands the intrinsic value of our assets. If we receive the final payment for the sale of the Los Cardones Project expected in January 2014, we will pay the Sprott loan down to approximately Cdn$4 million. Management believes this extension provides us with the flexibility that is critical to executing our strategic plan to preserve value during these difficult markets and to continue to provide leverage to gold prices when the markets recover.\"\nAbout Vista Gold Corp.\nVista is a gold company currently conducting a strategic review of its portfolio of gold assets, and is focused on advancing its flagship Mt. Todd gold project in Northern Territory, Australia. Vista's portfolio of assets also includes a 24.9% holding in Midas Gold Corp., the Guadalupe de los Reyes gold/silver project in Mexico (a preliminary economic assessment was completed in March 2013), the Awak Mas gold project in Indonesia (One Asia Resources Ltd. working to earn an 80% interest), a royalty on the Amayapampa gold project in Bolivia (being advanced by LionGold Corp. Ltd.), and the Long Valley gold project in California. For more information about our projects, including technical studies and resource estimates, please visit our website at www.vistagold.com.\nForward Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, as amended, and U.S. Securities Exchange Act of 1934, as amended, and forward-looking information within the meaning of Canadian securities laws. All statements, other than statements of historical facts, included in this press release that address activities, events or development...