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Valgold Resources ltd.

Publié le 12 novembre 2014

ValGold Arranges Non-Brokered Secured Convertible Financing

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ValGold Arranges Non-Brokered Secured Convertible Financing

TORONTO, ONTARIO--(Marketwired - Nov 12, 2014) - ValGold Resources Ltd. ("ValGold" or the "Company") (TSX VENTURE:VAL) is pleased to report that, subject to regulatory approval, it intends to complete a secured convertible credit facility (the "Facility") of $200,000. The Facility, when drawn upon, will provide working capital for the Company's ongoing operations.

The Facility consists of units (the "Units") each comprised of a $1,000 debenture (the "Debentures") and 20,000 warrants (the "Warrants"). Each Warrant is exercisable into a common share at a price of $0.05 per common share until the earlier of: (i) five years after the date of issue; and (ii) the date on which the Debentures are redeemed as outlined below.

The Facility shall mature and become due and payable one year from the date of issue. The Facility shall bear interest on the principal amount drawn by the Company at an annual interest rate of 10%, accrued quarterly in arrears. A standby fee will accrue quarterly in arrears at an annual rate of 8% on the undrawn amount of the Facility. Payment of all interest and standby fees will be deferred and will be payable at maturity or upon redemption of the Facility.

The entire principal amount of each Debenture (including undrawn amounts) may be converted at the investors' option until the earlier of (i) five years from the date of issue; and (ii) the date redeemed by the Company. The conversion of Debentures into ValGold common shares shall be in minimum amounts of $5,000 at a price of (i) $0.05 per common share for the first year from the date of issue; and (ii) $0.10 thereafter.

The Facility will be secured by a pledge of all of the Company's present and after-acquired property and assets (the "Security") pursuant to a general security and pledge agreement.

The Company may redeem any and all outstanding Debentures under the Facility at (i) the maturity of the Facility; and (ii) any time upon 30 days' written notice (the "Notice Period") to the investors at a redemption price equal to the principal amount of the Facility plus accrued and unpaid interest and standby fees. Investors shall retain the right during the Notice Period to convert the Debentures into common shares as set forth above. The Facility may be redeemed with any of: the Company's cash; the proceeds of sales of the Company's assets; or the proceeds of the issuance of any securities of the Company.

Under the Facility, the Company may sell any of its assets subject to the Security (an "Asset Sale"), but must place the net proceeds of an Asset Sale into escrow while it makes an offer to investors to redeem the Facility. In the event of an Asset Sale, the Company is required to make a written offer to redeem any and all Debentures outstanding in an amount equal to the net proceeds of the Asset Sale. Such offer shall be open for acceptance for a 30-day period and the Company is required to redeem all tendered Debentures on a pro rata basis to the amount of the net proceeds of the Asset Sale. In the event the principal amount of tendered Debentures is less than the net proceeds of the Asset Sale, the Company may use such remaining funds in its discretion, including redeeming outstanding Debentures.

The Facility is subject to various events of default including (i) failure of the Company to maintain its TSX-V listing and status as a reporting issuer in its current jurisdictions; (ii) failure to file interim and annual financial statements; and (iii) the issuance of a summary judgment against the Company.

Two insiders of the Company are participating in the Facility, thereby making it a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). It is anticipated that Rod Whyte, a director, will purchase 20 debentures (he currently owns or controls 2,628,000 common shares) and Pinetree Capital Ltd., which holds more than 10% of the Company's outstanding common shares, will purchase 50 debentures (it currently owns or controls 7,000,000 common shares and 1,000,000 warrants).

The Facility is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Units issued to or the consideration paid by Mr. Whyte and Pinetree Capital Ltd. exceeded 25% of the Company's market capitalization.

ValGold common shares are listed on the TSX Venture Exchange under the symbol VAL. The securities issued in connection with the Facility will be subject to a four-month hold or restricted period in Canada.

There are no finders' or investor fees payable in connection with the financing and the closing of the Facility is subject to the acceptance of the TSX Venture Exchange.

ValGold is a mineral exploration and development company which holds an exploration property in Ontario and a royalty on Northern Gold Mining Inc.'s Garrison Project.

This release was prepared by management of the Company who takes full responsibility for its contents. Neither 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 "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended and "Forward Looking Information" within the meaning of applicable Canadian securities legislation. Some forward looking statements and forward looking information contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially.

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Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Valgold Resources ltd.

EXPLORATEUR
CODE : VAL.V
ISIN : CA9191472070
Suivi et investissement
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Valgold Res. est une société d’exploration minière d'or basée au Canada.

Valgold Res. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont TOWER MOUNTAIN, GARRISON et GARRISON - JONPOL / MONETA au Canada.

Valgold Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,8 millions CA$ (3,7 millions US$, 3,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 06 juin 1997 à 9,50 CA$, et son plus bas niveau récent le 04 mars 2016 à 0,01 CA$.

Valgold Res. possède 38 250 407 actions en circulation.

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Financements de Valgold Resources ltd.
04/05/2011Completes Non-Brokered Private Placement Financing
28/04/2011Announces Increase in Non-Brokered Financing
13/04/2011Reports $1.8 Million Non-Brokered Financing
25/07/2008Completes Non-Brokered Private Placement Financing
26/06/2008Announces Non-Brokered Private Placement Financing
Attributions d'options de Valgold Resources ltd.
08/04/2011(angl) Grant of 50,000 options to IR provider
14/05/2010Grants Stock Options and Reprices Consolidated Options
Nominations de Valgold Resources ltd.
16/01/2015Announces Appointment of New Director and Director Resignati...
22/06/2012Announces New Directors
Projets de Valgold Resources ltd.
23/01/2013(Tower Mountain)Revises Agreement on Tower Mountain Gold Property, Ontario
19/09/2012(Tower Mountain)and Revolver Enter Option Agreement to Advance Tower Mountai...
12/10/2011Releases MBK Project Media Coverage
22/09/2011to Acquire Past Producing Gold-Silver Mine and Surrounding R...
16/08/2011in Negotiations for a Property Acquisition in Central Europe
27/05/2011(Tower Mountain)Commences Phase 2 Drill Program on Tower Mountain Gold Prope...
16/05/2011(Garrison)and Northern Gold Close Garrison Property Sale
12/05/2011(Tower Mountain)Reports Further Assay Results from the Tower Mountain Gold P...
08/04/2011(Tower Mountain)Reports First Results of 2011 Drill Program on the Tower Mou...
07/04/2011(Garrison)Northern Gold and Valgold Announce Agreement to Consolidate ...
31/03/2011(Garrison)Reports Six Additional Drill Holes for Garrison Gold Project...
01/03/2011(Garrison)Reports Strong Wide Intersections At Garrison Gold Project, ...
24/02/2011(Garrison)Reports Metallurgical Tests Indicate High Gold Recoveries fo...
22/02/2011(Garrison)Reports Further Infill Drill Results at Garrison Gold Projec...
05/03/2010(Garrison)Reports Final Results Of 2009 Drilling On Garrison Project, ...
23/02/2010(Garrison)Reports Additional Drill Results For The Garrcon Area, Garri...
29/01/2010(Garrison)& Northern Gold Issue Update on Drilling on Garrison Project...
15/09/2009(Garrison - Jonpol / Moneta)& Northern Gold Sign Option Agreement On Garrison Gold Prope...
25/08/2008(Tower Mountain)Completes Acquisition of Tower Mountain Property
21/05/2008(Garrison - Jonpol / Moneta) Files Technical Report For Its Garrison Gold Property, Onta...
08/04/2008(Garrison - Jonpol / Moneta) Reports Initial Resource Estimate For Its Garrison Gold Pro...
19/03/2008(Los Patos) Receives Positive Initial Gold Mineral Resource Estimate Fo...
Communiqués de Presse de Valgold Resources ltd.
16/01/2015ValGold Announces Appointment of New Director and Director R...
04/12/2014ValGold closes secured convertible financing
12/11/2014ValGold Arranges Non-Brokered Secured Convertible Financing
24/07/2013Announces Annual General & Special Meeting Results
05/06/2013Provides Update And Announces Advance Notice Policy
24/09/2012Grants Stock Options
07/08/2012has Relocated!
26/01/2012Raises Funds for Ukraine Venture from Partial Disposal of No...
30/11/2011Launches its New Corporate Website
25/07/2011(Tower Mountain)Announces Additional Positive Drill Results from the Tower M...
22/06/2011(Tower Mountain)Announces Further Positive Drill Results from the Tower Moun...
08/04/2011Reports On Annual General Meeting; Appointment Of Investor R...
22/04/2010Shareholder Update April 2010
13/04/2010Completes Oversubscribed Financing
03/03/2010Completes Restructuring And Subscription Receipts Offering
04/02/2010Reports On Annual And Special Meeting
28/01/2009Status Report
07/01/2009Default Status Report
28/05/2008for our Shareholder's and Supporters
31/03/2008Defines Gold Targets In NW Guyana
17/03/2008 Discovers New Copper/Nickel/Platinum/Palladium Target In Gu...
09/01/2008 Hiring
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