Execution of Definitive Agreements with RMB to Repair Balance sheet
Vancouver, BC - November 15, 2016: Black Dragon Gold Corp. (TSX-V:BDG) ('Black Dragon' or the 'Company') is pleased to announce that it has reached an agreement with Rand Merchant Bank (“RMB”) for the assignment of the RMB USD 10,000,000 debt facility. The RMB debt facility (the 'Facility') will be assigned to Black Dragon for total consideration of $US 3,051,764.62. On completion of the transaction Black Dragon will assume RMB's position as secured creditor over its wholly owned Spanish subsidiary EMC (In the process of being renamed Fenix Mineria Oro). The parties are now working together to satisfy the conditions precedent to closing.
The Company will fund the Agreements through funds raised in the equity financing currently open (as announced October 26, 2016). As previously announced the funds will also be used to fast track the feasibility and permitting of the advanced Salave gold project. As such the equity funding is expected to be closed shortly.
Brian Wesson commented: “The exercising of the option between RMB, Lionsbridge and the Company and the entering into definitive agreements with RMB is another significant milestone for Black Dragon. The Company’s payment of RMB will repair the balance sheet and position the Company to unlock the significant value of the Salave project”
Signed "Brian Wesson"
President and Chief Executive Officer
on behalf of the Board of Directors
FOR FURTHER INFORMATION PLEASE CONTACT:
Suite 545, 999 Canada Place
Vancouver, B.C., V6C 3E1
Tel: (604) 684-6264
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.