TORONTO, ONTARIO -- (Marketwired) -- 08/08/14 -- Sage Gold Inc. ("Sage" or the "Company") (TSX VENTURE: SGX) has entered into an amendment agreement (the "Amendment Agreement") relating to its senior secured term debt facility (the "Facility") with Waterton Global Value, L.P. ("Waterton"). In the Amendment Agreement, Waterton agrees to extend the Facility's maturity date from August 8, 2014 to October 3, 2014 (the "Maturity Date") and, at the Company's option, to November 7, 2014 (the "Extended Maturity Date").
The total amount outstanding under the Facility is approximately CAD$1.71 million inclusive of principal, accrued interest and fees payable to date, but excluding the Amendment Agreement fees. As consideration for the modifications set forth in the Amendment Agreement, Sage has agreed to pay Waterton CAD$75,000 for the extension of the Facility to the Maturity Date, and a further CAD$50,000 if the Company exercises its option to extend the Facility to the Extended Maturity Date. The annual interest rate of the Facility is 12%.
Sage is negotiating with several parties concerning potential financing, joint venture and/or divestiture transactions for its Clavos project. In addition, the Company is reviewing its strategy with respect to the Beardmore-Geraldton Gold Camp in which the Company's Lynx property has a NI43-101 copper/gold/silver resource and a non-exclusive agreement to acquire Premier Gold's mill, mine and certain other properties.
Sage is a mineral exploration and development company which has primary interests in near-term production and exploration properties in Ontario. Its main properties are the Clavos Gold property in Timmins and the Lynx property and other exploration properties in the Beardmore-Geraldton Gold Camp. Technical reports and information relating to the properties can be obtained from the System for Electronic Document Analysis and Retrieval (SEDAR) website at www.sedar.com and www.sagegoldinc.com.
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. Such forward-looking statements include comments regarding mining and milling operations, mineral resource statements and exploration program performance. Factors that could cause actual results to differ materially include metal price volatility, economic and political events affecting metal supply and demand, fluctuations in mineralization grade, geological, technical, mining or processing problems, exploration programs and future results of exploration programs, future profitability and production.
Contacts:
Sage Gold Inc.
Nigel Lees
President and CEO
416-204-3170
416-260-2243 (FAX)
www.sagegoldinc.com
