Business
Vista Gold Corp. Announces The Completion Of The Sale Of 16,000,000 Shares Of Midas Gold Corp.
DENVER , Feb. 14, 2014 /CNW/ - Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista"...
About this update from Vista Gold Corp
[{"type":"text","content":"\n\n\n\nDENVER, Feb. 14, 2014 /CNW/ - Vista Gold Corp. (TSX & NYSE MKT: VGZ) (\"Vista\" or the \"Company\") today announced that it has completed the previously announced sale of 16,000,000 common shares (the \"Offered Midas Shares\") of Midas Gold Corp. (\"Midas\") for gross proceeds of Cdn$12.8 million. \nIn addition, as required under the terms of its loan facility granted by Sprott Resource Lending Partnership, the Company used proceeds to pay down its loan by approximately Cdn$5.5 million, resulting in an outstanding balance of approximately US$1.7 million. The remainder of the proceeds will be used for general corporate purposes. \nVista currently holds, directly and indirectly through Vista US, an aggregate of 15,802,615 common shares of Midas, representing approximately 12.4% of the outstanding common shares of Midas. Vista has agreed not to sell any of these shares of Midas for a period of 12 months. \nAbout Vista Gold Corp.\nVista's principal assets include its flagship Mt. Todd gold project in Northern Territory, Australia, and a 12.4% holding in Midas. In addition to non-core projects in Mexico and California, Vista holds royalty interests in projects in Bolivia and Indonesia. \nForward Looking Statements \nThis 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 developments that Vista expects or anticipates will or may occur in the future, including such things as the use of the proceeds from the sale of the Offered Midas Shares and other such matters are forward-looking statements and forward-looking information. The material factors and assumptions used to develop the forward-looking statements and forward-looking information contained in this press release include the following: approved business plans, anticipated and estimated costs and budget expenditures to continue to optimize and advance the Company's core assets, the perceived extent and duration of the current weakness of gold equity securities and other such matters. When used in this press release, the words \"optimistic,\" \"pote...