VANCOUVER, Nov. 2, 2016
/CNW/ - Red Eagle Mining Corporation (TSX-V: RD, OTCQX: RDEMF,
BVL: RD) is pleased to announce that it has acquired 83,020,237
common shares ("Shares") of CB Gold Inc. ("CB Gold")
from Batero Gold Corporation in exchange for 7,428,126 shares of
Red Eagle Mining.
Prior to the transaction, Red Eagle Mining held 248,033,377 CB
Gold Shares, representing 69% of the issued and outstanding CB Gold
Shares. Red Eagle Mining relied on the exemption from
the formal take-over bid requirements provided in section 4.2 of
National Instrument 62-104.
Subsequent to the transaction, Red Eagle Mining now holds an
aggregate of 331,053,614 Shares of CB Gold, representing 92% of the
issued and outstanding CB Gold Shares. Red Eagle Mining
acquired the Shares for investment purposes only and may acquire
additional securities of CB Gold in the future. The Red Eagle
Mining shares issued are subject to a four month hold.
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 acquiring 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 owns 100% of the
Santa Rosa Gold Project, where 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.
Red Eagle Mining also controls CB Gold which owns 100% of the Vetas
Gold and Santa Ana Silver Projects and is actively consolidating
additional high grade precious metal deposits in Colombia.
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 Red Eagle Mining 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