Astur Gold Announces Conditional Approval To Services Agreement And New Board And Management
Vancouver, B.C. -- August 10, 2016: Astur Gold Corp. (TSX-V: AST, Frankfurt: CDC) ("Astur" or the "Company") is pleased to announce that, further to its press release dated July 12, 2016, it has received the conditional approval of the TSX Venture Exchange for the services agreement (the "Services Agreement") with both Lionsbridge and Westech International Pty Ltd ("Westech") under which Lionsbridge will provide the Company with corporate management services.
Effective August 9, Brian Wesson, Clyde Wesson and Mark Gelmon have been appointed to the Board of Directors of the Company and all prior directors have resigned. Brian Wesson has also be appointed as President and CEO, Mark Gelmon has been appointed as Chief Financial Officer and Marion McGrath has been appointed as Corporate Secretary. For additional information concerning the new members of the board and management, please see the Company's release dated July 12, 2016.
Final approval for the Services Agreement is subject to the approval of the disinterested shareholders of the Company at a meeting expected to be held in early October 2016.
The Company anticipates that the non-brokered private placement previously announced on July 12, 2016 will be closed this week, following which the Company and Lionsbridge will further progress securing additional financing and ultimately the exercise of the option (the "Option") to to repay the secured debt facility owed by Astur to RMB Australia Holdings Limited ("RMBAH") currently US$8.77 million). As previously disclosed, the Option allows the Company to repay RMBAH's secured debt in in consideration for a cash payment of US$3,000,000, a 2% net smelter returns royalty on the first 800,000 ounces of gold produced from the Company's Salave Project (the "NSR"), certain additional consideration to a maximum of U.S $6,000,000 if, over a three year period, Astur enters into any sale, merger or joint venture involving the Salave Project where the Salave Project is valued in excess of US$10,000,000, and reimbursement of certain expenses. The Option expires on September 6, 2016.
Further information on both Lionsbridge and Westech can be found at:
ON BEHALF OF THE BOARD
Signed "Douglas Turnbull"
Douglas Turnbull, Chief Executive Officer, President and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
#300-1055 West Hastings Street,
Vancouver, B.C., V6E 2E9
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. Mineral resources that are not mineral reserves do not have demonstrated economic viability. This document contains certain forward looking statements which involve known and unknown risks, delays and uncertainties not under the Company's control which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or expectation implied by these forward looking statements.