Veris Gold Corp. Announces Amendments

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[{"type":"text","content":"\n\n\n\n\n\nToronto Stock Exchange: VG\n\n\nVANCOUVER, May 15, 2013 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A), announces amendments to its previously announced eight-month senior\n unsecured promissory note (the \"Amended Note\") with 683 Capital Partners, LP (the \"Lender\") with a principal sum of US$10,000,000 (the \"Principal\"). The promissory note transaction was previously announced on April\n 12, 2013.\n\n\nThe Amended Note provides that from and after the Maturity Date or at\n the election of the Lender after an Event of Default (as defined in the\n Note), the Principal may be converted, in minimum increments of\n $500,000 and no more than 20% of the original principal of the Amended\n Note in any one 30-day period, into common shares of the Company (the \"Conversion\") based on a conversion price equal to the greater of (a) US$0.50 (the\n \"Floor Price\"), provided that if the US$0.50 Floor Price would cause the Lender's\n ownership interest in the Company to be greater than 19.9% of the\n Company's issued and outstanding common shares, the Floor Price shall\n be the price that would cause the Lender's ownership interest in the\n Company to be equal to 19.9% of the Company issued and outstanding\n common shares; and (b) the Market Price (as defined in the TSX Company\n Manual) of the Company's common share discounted by 10% per share. The\n ability of the Lender to exercise its option to convert the Principal\n into common shares remains subject to TSX approval at the time of the\n Conversion.\n\n\nIn addition, if certain debt restructuring pre-conditions are not met\n prior to June 30, 2013, the Company will issue to the Lender an\n additional 500,000 common share purchase warrants with an exercise\n price of US$1.80 and an expiry date of April 12, 2018.\n\n\nAbout Veris Gold Corp.\n\n\nVeris Gold Corp. is a growing mid-tier North American gold producer in\n the business of developing and operating gold mines in geo-politically\n stable jurisdictions. The Company's primary assets are the permitted\n and operating Jerritt Canyon mill and gold mines located 50 miles north\n of Elko, Nevada, USA. The Company's primary focus is on the\n re-development of the Jerritt Canyon mining and milling facility.  The\n Company also holds a portfolio of pr...

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