Threegold Resources Inc.

Threegold Resources Inc.

December 29, 2015 16:05 ET

Threegold Resources Inc.: Update

VAL D'OR, QUEBEC--(Marketwired - Dec. 29, 2015) -

Mr. Victor Goncalves reports:

Threegold (NEX:THG.H) wishes to provide an update. Considering the exceptionally tough market conditions for Juniors in the past few years, Threegold is very pleased to provide an update on its activities over the past year or so.

Since its suspension from trading in May, 2014, management has been working diligently to find partners or projects in order to add value to the company.

The sale of the Dome Lemieux property in late 2014 provided adequate working capital to enable the company to maintain basic operations.

In September 2015, Threegold received a certificate for 1,000,000 shares from Pioneer Resources as final payment. These shares, at the time of the deal (October, 2014) were given a value of $0.225. Once Pioneer is trading later in 2016, this will be a source of additional working capital.

In addition, Threegold has received in September and October, additional funding of $310,000 in the form of a loan, which will be given the consideration to be converted to shares once trading has resumed through an exchange review. This will be subject to exchange approval.

In December, 2015, Threegold entered into a loan agreement that provides $500,000 with interest at 0% for the first 12 months and 12% per annum thereafter.

These funds are to be used to advance exploration work on our flagship property, Standard Gold, as well as, for general and administrative purposes.

Threegold has paid all organizations required to meet the ongoing disclosure, such as auditors, the transfer agent, lawyers, as well as, the provincial securities authorities.

Threegold has filed all of the outstanding financial statements with the exception of the 3rd quarter 2015 which should be done in the coming days.

Threegold also has accepted the resignation of Francois Dumont and wishes to thank Mr. Dumont for his service as a director and wishes him the best in future endeavours.

Threegold has appointed Jon Snelson as Chief Financial Officer as of December 3, 2015. Threegold has appointed Jorge Orellana as VP corporate communications as of December 3, 2015.

Threegold Resources has filed all the documents for ongoing disclosure and will seek relisting when a review by the exchange has been concluded. Upon relisting, Threegold will also look to pay the majority of its debts by way of a debt for shares.

Threegold also wishes to announce that Harish Bajaj, Maurice Aziz, and Shankar Thiviyanayagam have been appointed to the board of directors. All three bring a wealth of knowledge and capacity in the financial markets.

More news will follow as developments occur. Happy holidays to all and a happy new year.

We seek safe harbour.

"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."

Contact Information

  • Threegold Resources Inc.
    Victor Goncalves
    President & CEO
    (204) 997-5517

    Threegold Resources Inc.
    Jorge Orellana
    VP Corporate Communications
    (204) 229-4393