Toronto, Ontario–(Newsfile Corp. – June 9, 2015) – Highvista Gold Inc. (TSXV: HVV) ("Highvista" or the "Company") announces that the Company's Board of Directors (the "Board of Directors") have authorized management to proceed with a change of business to an investment corporation which can undertake both mining and non-mining investments. No acquisitions or mergers are being contemplated at this time. The business plan is currently being developed and will be announced when finalized in the near future. As a result, Highvista has requested a halt of trading of its common shares on the TSX Venture Exchange.
In support of the Company's new initiatives Tina Woodside and Ralph Fitch have resigned effective Friday June 5th as members of the Board of Directors. The Board of Directors and the Company would like to thank Mrs. Woodside and Mr. Fitch for their expertise, experience and professionalism in the development of the Company.
Highvista shall appoint two new independent directors to fill the vacancies shortly.
The Joint Venture between Highvista and AuRico Gold Inc. previously announced on June 28, 2013 remains in effect.
The corporation intends on proceeding with a private placement to cover ongoing mining, change of business and mining investment company expenses.
A press release setting forth the details of the proposed change of business, will be forthcoming when the Company's plans are finalized.
About Highvista
Highvista owns 100% of a Mexican subsidiary that controls the 24,055 hectare Canasta Dorada Gold Project. This project is located in the Sonoran Gold Belt immediately adjacent to AuRico Gold's El Chanate Mine ("Aurico"). In June 2013, the Company entered into an option and joint venture agreement with Aurico over the El Chanate Extension comprising approximately 30% of the Company's Canasta Dorada gold project. The agreement grants Aurico the option to earn a 51% undivided interest in the El Chanate Extension currently owned by the Company by incurring an aggregate of $3 million in exploration expenditures on the property over the three year period ending June 2016. Details of Highvista's Canasta Dorada Project can be viewed at the Company's website at www.highvistagold.com.
Reader Advisory
This news release may contain forward-looking statements based on assumptions, uncertainties and management's best estimate of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Highvista Gold Inc.'s filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.highvistagold.com.
Completion of the change of business is subject to a number of conditions, including Exchange acceptance and disinterested Shareholder approval. The transaction cannot close until the required Shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the Management Information Circular and/or Filing Statement to be prepared in connection with the transaction, any information released or received with respect to the Change of Business may not be accurate or complete and should not be relied upon. Trading in the securities of Highvista Gold Inc. should be considered highly speculative. The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Highvista Gold Inc.
Paul Crath, President
Tel: (416) 682-2674
Fax: (416) 504-4129
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
Original Article: http://www.stockhouse.com/news/press-releases/2015/06/09/highvista-gold-inc-commences-change-of-business-process-and-announces
