Sunridge Gold Corp

Published : May 02nd, 2016

Sunridge Sets Record Date For Return Of Capital Distributions

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment
Keywords :   Eritrea | Taxes |

Sunridge Sets Record Date For Return Of Capital Distributions

Sunridge Gold Corp. (the 'Company' or 'Sunridge') (SGC: TSX.V/SGCNF: OTCQX) reports that an estimated total amount of $88.7 million will be distributed in two distributions as a return of capital to its shareholders of record on May 18, 2016 (the 'Record Date'), the date the Board of Directors has determined as the record date. Sunridge will apply to the TSX Venture Exchange to have both its shares and share purchase warrants de-listed from trading effective at the close of trading on May 13, 2016 (the 'De-Listing Date') to allow the trades to settle in advance of the Record Date.

As part of the Company's reorganization for the next 6 months until dissolution Craig Angus, Neil O'Brien and Steve Gatley will resign from the Board of Directors of Sunridge on the De-Listing Date to leave four directors on the board. All remaining directors and management continuing with the Company until dissolution offer their gratitude and thanks the outgoing director's oversight, contribution and dedication over the years that they have served Sunridge. In addition, with effect on April 30, 2016, employment will be terminated for Scott Ansell (VP Project Development), David Daoud (VP Exploration and Geology) and Greg Davis (VP Business Development). Sunridge management and directors takes this opportunity to thank them for all of their hard work and contributions to the success of the Asmara project.

As announced on April 26, 2016, the Company was paid a total of US$68.6 million net of taxes paid to the government of Eritrea on closing the sale of Sunridge's 60% interest in the Asmara Mining Share Company ('AMSC') to Sichuan Road & Bridge Mining Investment Development Corp. Ltd. ('SRBM'). The second and final instalment of US$7.33 million from SRBM, which is secured by a bank guarantee, is required to be paid to Sunridge by October 26, 2016.

On January 22, 2016, the shareholders of Sunridge approved the distribution of the net proceeds of the sale of AMSC as a return on capital to the shareholders in two tranches (the 'Distributions') and after having satisfied all the liabilities of the Company to be followed by the voluntary dissolution of Sunridge.

The Board of Directors is withholding certain funds from the first Distribution to meet the obligations of the Company and its continued operation for the next 6 months until dissolution and have determined that, assuming a US dollars/Canadian dollars exchange rate of 1.25 on the date the funds are converted to Canadian dollars prior to the distribution that the estimated first Distribution will total $77.5 million or $0.35 per share. It has been assumed in this calculation that all stock options and share purchase warrants that have an exercise price of under $0.35 per share will have been exercised before the Record Date. This first Distribution will therefore be adjusted by the actual proceeds from exercise of outstanding stock options and share purchase warrants and the actual amount of the previously announced $0.02 payment made to warrant holders of record on the Record Date for the cancellation of listed share purchase warrants that have not been exercised before the Record Date. As it is not yet known what the bank buy rate of US dollars will be on the payment date of the first Distribution or how many stock options and/or share purchase warrants will be exercised before the Record Date it is not possible to state with certainty the exact amount of the first Distribution. The Company will announce the actual adjusted amount on May 16, 2016.

This first Distribution will be paid to shareholders of record on the Record Date by the Company's transfer agent approximately three business days from the Record Date. On that same day, the Company's transfer agent will pay the warrant holders of record on the Record Date a cancellation fee of $0.02.

The second Distribution is expected to be paid to the same shareholders of record on the Record Date on or about November 4, 2016. The amount to be distributed will include the final principal and interest of the Deferred Payment, combined with any remaining cash after all remaining obligations of the Company have been settled and is currently expected to be a further $0.04 to $0.05 a share.

The Company will then voluntarily dissolve after the second Distribution has been paid and all obligations of the Company have been settled.

For additional information on the Company visit our website at www.sunridgegold.com or call Greg Davis at the number listed below.

SUNRIDGE GOLD CORP.

'Michael Hopley'

Michael Hopley, President and Chief Executive Officer

For further information contact:

Greg Davis, VP Business Development
Email: [email protected]
Tel: 604-688-1263 (direct)

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 release.

This news release contains certain statements or disclosures that may constitute forward-looking statements or information ('forward-looking statements') under applicable securities laws. All statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that management or the directors of the Company, anticipate or expect may, or will occur in the future (in whole or in part) should be considered forward-looking statements. In some cases, forward-looking statements can be identified by terms such as 'may', 'will', 'expect', 'anticipate', 'believe', or other comparable terminology.

Forward-looking statements presented in such statements or disclosures may, among other things, relate to: the currency exchange rates, the amounts to be paid and the provisions to be made to settle the Company's obligations, the timing and amounts of any cash distributions to be made by the Company, and the planned dissolution of the Company. Risks and uncertainties relating to such matters include Chinese regulatory approvals and other risks and uncertainties of completing complex international transactions.

The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The Company is not obligated to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. Because of the risks, uncertainties and assumptions contained herein, readers should not place undue reliance on forward-looking statements or disclosures.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Eritrea | All
Gold and Silver Prices for these countries : Eritrea | All

Sunridge Gold Corp

PRODUCER
CODE : SGC.V
ISIN : CA86769Q1028
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Sunridge Gold is a gold producing company based in Canada.

Sunridge Gold produces gold, copper, silver and zinc in Eritrea, develops gold and silver in Eritrea.

Its main asset in production is ASMARA in Eritrea, its main asset in development is DEBARWA in Eritrea and its main exploration property is BESAKOA in Madagascar.

Sunridge Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 15.7 millions as of today (US$ 12.6 millions, € 11.0 millions).

Its stock quote reached its highest recent level on November 07, 2003 at CA$ 6.50, and its lowest recent point on March 20, 2020 at CA$ 0.03.

Sunridge Gold has 209 950 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Project news of Sunridge Gold Corp
2/4/2014(Asmara)Signs Agreement with Enamco for Asmara Copper-Zinc-Gold Proj...
6/29/2011(Asmara)Restarts Exploration Program on Asmara Project, Eritrea
6/23/2011(Besakoa)Starts Drilling at the Besakoa Copper-Zinc-Gold Project, Mad...
3/17/2011(Debarwa)Extends Depth of the Primary Copper-Zinc-Gold Mineralization...
3/1/2011(Asmara)Receives Positive Metal Recovery Results from the Emba Derho...
2/21/2011(Asmara)Starts New Drill Program at Emba Derho Copper-Zinc-Gold Depo...
2/7/2011(Asmara)Selects Snowden and GBM to Conduct Prefeasibility Study on t...
1/6/2011(Asmara)Intercepts Strong VMS Mineralization at the Asmara Project, ...
12/1/2010(Debarwa)Provides Update on Debarwa Feasibility Study
1/25/2010(Asmara)And Antofagasta Minerals Commence Drilling At Daero Paulos, ...
1/7/2010(Asmara)Increases Size Of Asmara Project, Eritrea By 60%
Corporate news of Sunridge Gold Corp
5/18/2016Sunridge's Transfer Agent Closes Shareholder Register
5/16/2016Sunridge First Distribution to be $0.36 per Share
5/2/2016Sunridge Sets Record Date For Return Of Capital Distribution...
4/26/2016Sunridge Closes Transaction With SRBM
4/25/2016Sunridge Closing Date April 26, 2016
4/14/2016Sunridge Receives Favourable Decision By The Federal Court O...
4/13/2016Sunridge Confirms Closing Date with SRBM
3/22/2016Sunridge Provides Update on Expected Closing Date for Transa...
1/22/2016Sunridge Receives Shareholder and Warrantholder Approval to ...
11/6/2015IIROC Trading Resumption - SGC, SCG.WT
11/6/2015Sunridge Agrees To Sell Its 60% Interest in Asmara Mining Sh...
11/6/2015IIROC Trading Halt - SGC, SGC.WT
10/19/2015Sunridge Gold Announces Receipt Of Mining Licenses For Asmar...
9/25/2015Sunridge Gold's Michael Hopley Interviewed by The Gold Repor...
9/11/2015IIROC Trading Resumption - SGC, SGC.WT
9/11/2015Sunridge Gold Announces Mining Agreement Signed By Asmara Mi...
9/11/2015IIROC Trading Halt - SGC.WT
9/11/2015IIROC Trading Halt - SGC
7/30/2015Sunridge Signs Agreement to Purchase Net Profits Interest on...
4/15/2015Sunridge Provides Update on the Asmara Project, Eritrea
2/3/2015Sunridge Announces US$32 Million 2015 Budget & Program for A...
11/5/2014Field Work Underway on the Asmara Project, Eritrea
10/9/2014Sunridge Announces the Formation of the Asmara Mining Share ...
8/28/2014Sunridge Gold Corp Retains Renmark for Investor Relations Se...
7/17/2014Sunridge Gold on Track to Start Production in 2015 on the As...
6/27/2014IIROC Trading Resumption - SGC; SGC.WT
6/27/2014Sunridge Gold Signs Shareholder’s Agreement with ENAMCO for ...
6/27/2014IIROC Trading Halt - SGC
4/30/2014Sunridge Gold Files Amended Ni 43-101 Technical Report on th...
3/27/2014Sunridge Gold Increases Post-Tax Value For The Asmara Projec...
3/27/2014Sunridge Gold Increases Post-Tax Value for the Asmara Projec...
3/12/2014Sunridge Gold Grants Options
3/12/2014Sunridge Gold Grants Options
1/15/2013Up Close & Personal With Caza Oil & Gas, Tethys Petroleum & ...
6/15/2011(Asmara)Announces Drill Results from Emba Derho Deposit, Asmara Proj...
6/6/2011(Asmara)Announces Drill Results from Gupo Gold Deposit, Asmara Proje...
5/15/2011Announces New Analyst Coverage
4/28/2011(Debarwa)Announces Drill Results from the Debarwa Deposit, Asmara Pro...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (SGC.V)FRANKFURT (SY3.F)
0.075+0.00%0.252-0.79%
TSX-V
CA$ 0.075
10/04 16:11 -
0%
Prev close Open
0.075 0.080
Low High
0.075 0.080
Year l/h YTD var.
0.070 -  0.240 -65.91%
52 week l/h 52 week var.
0.070 -  0.240 -50.00%
Volume 1 month var.
144,950 -11.76%
24hGold TrendPower© : 34
Produces Copper - Gold - Silver - Zinc
Develops
Explores for Copper - Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 7/9/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-48.28%
2021107.14%0.160.07
20207.69%0.130.03
2019-58.06%0.270.05
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.47-4.60%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.94+6.78%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.59+0.17%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.45-0.41%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.19+1.27%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+8.16%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-14.29%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.38+0.42%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 69.07+5.72%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :