Sage Gold Provides Status Report
July 16 2018 - 6:54PM
Sage Gold Inc. (“Sage Gold” or the “Company”)
(TSX-V:SGX) reports that an application was issued on July 10, 2018
in the Ontario Superior Court of Justice against the Company.
The applicant, CRH Funding II Pte. Ltd. (“CRH”), is seeking a
court order appointing a receiver over the assets of Sage Gold,
alleging that Sage Gold has failed to fulfill its gold delivery
obligations to CRH.
An interim receiver was appointed by the court
on July 13, 2018 with powers expressly limited to the protection
and preservation of Sage Gold’s assets. The application for the
appointment of a permanent receiver is scheduled to proceed on July
30, 2018. Sage Gold has disputed the allegations contained in
the Application Record, and management intends to defend against
the appointment of a receiver.
About Sage Gold
Shares Outstanding: 110,183,926
The Company 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, 100% owned, in Timmins and
the 100% owned Onaman 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 from the Company’s website at
www.sagegoldinc.com.
Contact Information:
Nigel Lees, President and CEO
416-204-3170 nlees@sagegoldinc.com
www.sagegoldinc.com
CAUTIONARY STATEMENT: 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 may contain forward looking information and the
Company cautions readers that forward looking information is based
on certain assumptions and risk factors that could cause actual
results to differ materially from the expectations of the Company
included in this news release. This news release includes certain
"forward-looking statements”, which often, but not always, can be
identified by the use of words such as "believes", "anticipates",
"expects", "estimates", "may", "could", "would", "will", or "plan".
These statements are based on information currently available to
the Company and the Company provides no assurance that actual
results will meet management's expectations. Forward-looking
statements include estimates and statements with respect to the
Company’s future plans, objectives or goals, to the effect that the
Company or management expects a stated condition or result to
occur. Since forward-looking statements are based on assumptions
and address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results relating
to, among other things, results of exploration, metallurgical
processing, project development, reclamation and capital costs of
the Company’s mineral properties, and the Company’s financial
condition and prospects, could differ materially from those
currently anticipated in such statements for many reasons such as,
but are not limited to: the ability to rectify breaches of
covenants under existing loan agreements with CRH Funding II Pte.
Ltd. and to satisfy this lender to forbear from creditor remedies
in the interim; failure to identify mineral resources; failure to
convert estimated mineral resources to reserves; the preliminary
nature of metallurgical test results; delays in obtaining or
failures to obtain required governmental, environmental or other
project approvals; political risks; uncertainties relating to the
availability and costs of financing needed at the present time and
in the future; changes in equity markets, inflation, changes in
exchange rates; fluctuations in commodity prices; delays in the
development of projects; capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry; and those risks set
out in the Company’s public documents filed on SEDAR. This
list is not exhaustive of the factors that may affect any of the
Company’s forward-looking statements. These and other factors
should be considered carefully and readers should not place undue
reliance on the Company’s forward-looking statements. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
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