VANCOUVER, Oct. 13, 2016 /CNW/ - INCA ONE GOLD CORP.
(TSX.V: IO) ("Inca One" or the "Company") is pleased to
announce that SUNAT, the Peruvian tax and customs authority
("SUNAT"), has issued the second and final tranche of Inca
One's outstanding IGV/VAT (Impuesto General a las Ventas, Value
Added Tax, the "VAT") refund. This cheque, delivered on
October 3, 2016 by SUNAT, in the
amount of approximately S/1.25 million (the equivalent of
approximately US$363,000 at current
exchange rates) represents the Company's remaining filing
outstanding from 2015. Earlier this year on June 18, 2016, and as reported in the Company's
July 31, 2016 financial reports, Inca
One had received its first tranche refund cheque in the amount of
approximately S/2.2 million (the equivalent of approximately
US$661,000). On June 30, 2016, SUNAT closed the VAT audit of Inca
One's wholly owned subsidiary Chala One SAC ("Chala
One").
With receipt of these outstanding refund cheques, totaling in
aggregate S/3.5 million (approximately US$1.0 million) the Peruvian government has met
its obligations to the Company and Inca One closes this extensive
audit process that began in June 2015
with the Chala One's first VAT submission. All other VAT
submissions and refunds are current and under monthly processing
since January this year. The proceeds from these refunds have
been used to further fund our mineral purchasing, reduce select
debt obligations and strengthen our effort towards profitability
and full production again.
"We are delighted to finally close off the original VAT audit
and receive our remaining refunds," stated President and CEO Edward
Kelly. "I congratulate our administrative staff in Peru for their patience navigating the Company
through this longer than anticipated audit process and continuing
to maintain their high administrative standards keeping Chala One
on track with its monthly VAT submissions."
In conjunction with the restructuring and refinancing process,
the Company also announces that pursuant to the Company's stock
option plan, the Board of Directors has authorized the granting of
incentive stock options to directors, officers, consultants and
employees of the Company to acquire an aggregate of 995,000 common
shares of the Company. The options have an exercise price of
$0.30 per share and are exercisable
until October 12, 2018. For
certainty 3,595,000 stock options were authorized and granted at a
price of $0.25 per common share with
the first tranche private placement closing (see press release
dated September 26, 2016), and the
granting of these 995,000 stock options is concurrent with the
closing of the second tranche private placement as announced on
October 3, 2016.
About Inca One
Inca One is a Canadian-based mineral processing company with a
gold milling facility in Peru,
servicing government-permitted, small-scale miners. As part of the
terms of the original purchase agreement for the Chala,
Peru processing facility, Inca One
has an agreement between its wholly owned subsidiary, Chala One
SAC, and the seller and initial permit applicant, to operate under
the umbrella of formalization until the successful completion of
all the environmental and operating permits. Peru, a highly mineral-rich country, is one of
the world's top producers of gold, silver, copper and zinc, with
substantial production coming from small scale miners who need
government permitted milling facilities to process their mineral
(such as the Company's Chala
Plant).
On behalf of the Board,
Edward Kelly,
President and CEO
INCA ONE GOLD CORP.
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 NEWS RELEASE.
Statements regarding the Company which are not historical facts
are "forward-looking statements" that involve risks and
uncertainties. Such information can generally be identified by the
use of forwarding-looking wording such as "may", "expect",
"estimate", "anticipate", "intend", "believe" and "continue" or the
negative thereof or similar variations. Since forward-looking
statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual
results in each case could differ materially from those currently
anticipated in such statements due to factors such as: (i)
fluctuation of mineral prices; (ii) a change in market conditions;
and (iii) the fact that the Company has limited operating
experience with its Chala plant and future operational results may
not be accurately predicted based on this limited information to
date. Except as required by law, the Company does not intend
to update any changes to such statements. Inca One believes
the expectations reflected in those forward-looking statements are
reasonable but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements
included herein should not be unduly relied upon.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
SOURCE Inca One Gold Corp.