Castle Peak Mining Ltd. Announces Convertible Loan
June 27 2014 - 5:00PM
Marketwired Canada
Castle Peak Mining Ltd. ("Castle Peak" or the "Company", TSX VENTURE:CAP)
announces that Randal Gindi and Allan Green (together, the "Lenders"), each of
whom are directors of the Company, have each agreed to lend $50,000 to the
Company (the "Loans"). The Loans will be unsecured and non-interest bearing. The
principal amount of the Loans will mature on September 30, 2014, unless earlier
converted into common shares of the Company at the closing price of the
Company's common shares on the TSX Venture Exchange on the trading date prior to
the conversion date.
The Loans, including the conversion of the principal amount of the Loans into
Common Shares of the Company, is subject to the approval of the TSX Venture
Exchange. The proceeds of the Loans will be utilized for working capital for the
Company.
The Loans will constitute related party transactions under Multilateral
Instrument 61-101 - Protection of Minority Holders in Special Transactions ("MI
61-101"), which has been adopted by the TSX Venture Exchange as Policy 5.9,
because the Lenders are directors of the Company. The Company has determined
that it is exempt from the minority approval and formal valuation requirements
under MI 61-101 in respect of the Loans, relying on the exemptions found in
sections 5.5(1)(a) and (b) and 5.7(1)(a) of MI 61-101. The principal amount of
the Loans represents less than 5% of the Company's market capitalization as of
June 20, 2014.
All of the disinterested directors of the Company, being all of the directors
other than Mr. Randal Gindi and Mr. Allan Green, approved the Loans.
About Castle Peak
Castle Peak Mining Ltd. is a Canadian-based exploration company focused on
advancing greenfields and early stage gold projects. The Company holds a
strategic land package in the Ashanti belt adjacent to several producing gold
mines in Ghana, West Africa. The Ashanti belt is known as one of the most
prolific gold belts in the world, putting Ghana as the second largest gold
producer in Africa with past production of greater than 150 million ounces.
On behalf of the Board of Castle Peak Mining Ltd.:
"Darren Lindsay"
President and Chief Executive Officer
FORWARD-LOOKING STATEMENTS
Except for statements of historical fact, this news release contains certain
'forward-looking information' and 'forward-looking statements' within the
meaning of applicable securities laws including statements regarding anticipated
gold recoveries and future exploration and development at the Akorade Project.
Such forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to known and
unknown risks, uncertainties and assumptions that could cause actual results to
vary materially from the anticipated results or events predicted in these
forward-looking statements, including those risk factors identified in the
Company's Annual MD&A filed under the Company's SEDAR profile. As a result,
readers are cautioned not to place undue reliance on these forward-looking
statements. The forward-looking statements contained in this news release are
made as of the date of this release. Except as required by applicable law,
Castle Peak disclaims any intention and assumes no obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Castle Peak Mining Ltd.
Darren Lindsay
President and Chief Executive Officer
604.681.1466
604.681.1404 (FAX)
info@castlepeakmining.com
www.castlepeakmining.com
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