VANCOUVER, Nov. 6, 2015 /CNW/ - Red Eagle Mining
Corporation (TSX-V: RD, OTCQX: RDEMF, SSE-V: RDCL) is pleased
to announce it has acquired 16,917,789 common shares
("Shares") of CB Gold Inc. ("CB Gold") at a price of
$0.06 per share by way of private
placement. On closing of the private placement, the former
directors and officers of CB Gold resigned, Red Eagle Mining
directors Tim Petterson,
Jay Sujir, and Ian Slater were appointed to the board of CB
Gold, Ian Slater was appointed Chief
Executive Officer and Chui Wong was
appointed Chief Financial Officer.
Red Eagle Mining and Batero Gold Corp. ("Batero") hold
51% (107,505,972 Shares) and 39%, respectively, of CB Gold
shares. Red Eagle Mining plans to delist CB Gold and together
with Batero proportionally fund the development of the Vetas Gold
Project. Batero has the right to participate in future
financings in order to maintain its pro-rata interest and to
nominate directors to CB Gold's board in proportion to its
ownership interest.
Red Eagle Mining acquired the Shares under the private placement
for investment purposes only. Red Eagle Mining may acquire
additional Shares of CB Gold in the future.
About Red Eagle Mining
Red Eagle Mining is a well-financed gold exploration and
development corporation with an experienced mine-development
team. Management is focused on building shareholder value
through discovering and developing gold projects with low costs and
low technical risks in Colombia, a
jurisdiction with prolific historic production but until recently
limited modern exploration. Red Eagle Mining is developing
the 100 square kilometre historic Santa Rosa Gold Project located
in the Antioquia Batholith. Construction is underway at the
fully permitted and fully financed San Ramon Gold Mine with
production expected to commence in the second half of 2016.
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 includes
forward-looking statements that are subject to risks and
uncertainties. All statements within, other than statements
of historical fact, are to be considered forward looking.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual
results to differ materially from those in forward-looking
statements include market prices, exploitation and exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions. There can be
no assurances that such statements will prove accurate and,
therefore, readers are advised to rely on their own evaluation of
such uncertainties. We do not assume any obligation to update
any forward-looking statements. This news release does not
constitute an offer to sell or a solicitation of an offer to sell
any securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
SOURCE Red Eagle Mining Corporation