WINNIPEG, March 25, 2015 /PRNewswire/ - San Gold
Corporation (TSX-V: SGR) ("San Gold" or the "Company") announced
today that it will not be funding the $2
million interest payment due March
31 in respect of its subordinated unsecured
convertible debentures currently traded on the TSX Venture Exchange
under the trading symbol "SGR.DB".
On December 22, 2014, the Company
filed a Notice of Intention to Make a Proposal ("NOI") under the
Bankruptcy and Insolvency Act (Canada) (the "Act"). The creditor "stay
period" provided by the Act has been extended by Court order while
the Company takes steps in the proposal proceedings.
About San Gold
San Gold is an established Canadian gold producer, explorer, and
developer that owns and operates the Rice Lake Mining Complex near
Bissett, Manitoba. Common shares
and subordinated unsecured convertible debentures of the Company
are traded on the TSX Venture Exchange under the trading symbols
"SGR" and "SGR.DB".
Cautionary
Note
No stock exchange, securities commission or other regulatory
authority has approved or disapproved the information contained
herein. This news release includes certain "forward-looking
statements". All statements, other than statements of historical
fact included in this release are forward-looking statements that
involve various risks and uncertainties.
Any statements that express or involve discussions with respect
to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements." Forward-looking statements
are subject to a variety of risks and uncertainties that could
cause actual events or results to differ from those reflected in
the forward-looking statements.
There can be no assurance that forward-looking statements will
prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements.
Important factors that could cause actual results to differ
materially from the Company's expectations include those factors
discussed in the section entitled "Other MD&A Requirements and
Additional Disclosure and Risk Factors" in the Company's most
recent quarterly Management's Analysis and Discussion ("MD&A").
Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be
other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such
statements will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on
forward-looking statements.
SOURCE San Gold Corporation