Business
Veris Gold Corp. Receives Notices of Early Termination Date
VANCOUVER , June 3, 2014 /CNW/ - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG) ...
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"\n\n\nVANCOUVER, June 3, 2014 /CNW/ - Veris Gold Corp. (\"Veris\" or the \"Company\") (TSX: VG) (OTCQB: YNGFF)\n (Frankfurt Xetra Exchange: NG6A) advises that it has received notices of Early Termination Date dated\n June 3, 2014, from Deutsche Bank AG, London Branch (\"DB\"), with respect\n to payment defaults under the two Forward Gold Purchase Agreements\n between DB and the Company.\n\n\nUnder the Forward Gold Purchase Agreement dated August 12, 2011, the\n effect of the receipt of the Notice of Early Termination Date is that\n the Company must make a payment of US$77,239,320.56 by 5 pm PDT on June\n 9, 2014, failing which payment DB shall take such steps as necessary to\n enforce its rights against the Company.\n\n\nUnder the Second Lien Forward Gold Purchase Agreement dated February 7,\n 2012, the effect of the receipt of the Notice of Early Termination Date\n is that the Company must make a payment of US$12,204,978.98 by 5 pm PDT\n on June 9, 2014, failing which payment DB shall take such steps as\n necessary to enforce its rights against the Company.\n\n\nThe two agreements are described in more detail in the Company's news\n releases dated August 15, 2011 and February 8, 2012.\n\n\nThe Company's Restructuring Special Committee is considering the\n Company's alternatives with respect to these notices, and will be\n making recommendations to the Board on an urgent basis.\n\n\nAbout Veris Gold Corp.\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 processing plant and gold mines located 50\n miles north of Elko, Nevada, USA.  The Company's primary focus is on\n the re-development of the Jerritt Canyon mining and processing plant. \n The Company also holds a portfolio of precious metals properties in\n British Columbia and the Yukon Territory, Canada, including the Ketza\n River Property.\n\n\nOn behalf of\n\n\n\"VERIS GOLD CORP.\"\n\n\nFrançois Marland\nPresident and CEO\n\n\nTo be added to the Veris Gold e-mail list please sign up at www.verisgold.com.\n\n\nThe TSX has not reviewed and does not accept responsibility for the\n adequacy or accuracy of this release. All material information may be\n accessed at www....