Electrum Gold Exploration LLC

June 01, 2012 16:17 ET

Electrum Gold Exploration Agrees to Acquire Units of Carlin Gold Corporation

NEW YORK, NEW YORK--(Marketwire - June 1, 2012) - Electrum Gold Exploration LLC ("Electrum") has entered into a definitive agreement with Carlin Gold Corporation ("Carlin") for the sale, on a private placement basis in reliance on the accredited investor exemption, of 21,404,647 units (the "Units") at a price of $0.125 per unit for aggregate gross proceeds of $2.68 million (all figures are in Canadian Dollars). Each Unit will consist of one common share of Carlin ("Common Share") and one common share purchase warrant ("Warrant"). Each Warrant will be exercisable for a period of five years after the closing of the transaction at an exercise price of $0.16 per share. Assuming the completion of the transaction, as a result of the acquisition noted above, Electrum will own approximately 27% of the issued and outstanding Common Shares and will own approximately 40% of Carlin calculated on a fully diluted basis. Under the terms of the definitive agreement, Electrum will have the right to designate two nominees to Carlin's board of directors and the right of pro rata participation in future financings of Carlin.

The Common Shares and Warrants are being acquired for investment purposes and Electrum and/or one or more of its affiliates may, depending on market and other conditions, increase or decrease its beneficial ownership of Common Shares or other securities of Carlin whether in the open market, by privately negotiated agreement or otherwise.

Electrum Gold Exploration LLC is located at 535 Madison Avenue, 12th Floor, New York, NY 10022. A copy of the report relating to this acquisition can be obtained from Michael Williams 646-365-1600 or on Carlin's profile at www.SEDAR.com.

Contact Information

  • Electrum Gold Exploration LLC
    Michael Williams