Day: October 16, 2015

Red Tiger intends to use the Private Placement proceeds to fund the recommencement of mining operations.

Alamos Gold Inc. today announced that Scott Perry has resigned from the Company’s Board of Directors following his appointment as Chief Executive Officer of another intermediate gold producer.

Alain Lambert, Chairman and CEO of Cyprium stated: “Following our announcement on the proposed joint venture for the exploitation and exploration of the Potosi silver mine located in the historic silver rich mining district of Santa Eulalia in Mexico, we were approached by investors wanting to participate in our future growth by way of equity. We had originally planned to finance this transaction solely from the proceeds of the previously announced non-dilutive placement of bonds of Cyprium in the aggregate amount of US$4,500,000. We view the investors’ interest, especially in today’s market environment, as a strong show of confidence for the Company and we have decided to proceed with this equity financing.”

Aurcana’s Board of Directors has determined that the Restructuring Transaction is in the best interests of the Company and its stakeholders under the circumstances. The Restructuring Transaction will result in, among other things, an elimination of all debt obligations outstanding under the Facility on implementation of the Restructuring Transaction. The net result of the transaction will see Aurcana relinquishing control over its operations and subsidiaries in Mexico, the Shafter Silver Project will become Aurcana’s principal property asset and there will be sufficient cash in the treasury to meet the Company’s intermediate-term obligations and advance its asset base.