Montreal, Canada - TheNewswire - July 12, 2019 - ALGOLD RESOURCES LTD. (TSXV:ALG) ("Algold" or the "Corporation") is pleased to announce that it has received the final payment of $700,000 under the previously announced transaction (please see Algold's press releases dated October 9, 2018 and July 13, 2018) under which Wafa Mining & Petroleum SA ("Wafa") has acquired a 10% interest in Algold's Tirex subsidiary, owner of the Tijirit mining permit and gold development. Following receipt of the final payment, Algold is in the process of transferring the 10% interest in Tirex to Wafa.
In addition, Algold has entered into an agreement with its consortium of lenders to waive, until December 31, 2019, the repayment of the Corporation's short-term loan facility (the "Loan") in the aggregate amount of $5 million (see Algold's press release of July 13, 2018). The lenders have also agreed to convert the amount owing under the Loan, plus a $150,000 exit fee, into common shares of Algold at a price of C$0.20, conditional upon Algold completing an equity financing in the amount of $15 million. Algold has also agreed to convert $875,000 in accounts payable into common shares, on the same terms and subject to the same condition.
Algold Resources Ltd. is focused on the exploration and development of gold deposits in West Africa. The board of directors and management team are seasoned resource industry professionals with extensive experience in the exploration and development of world-class gold projects in Africa.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Algold Resources Ltd.
1320, boul. Graham, bureau 132, Mont-Royal, Quebec, H3P 3C8, www.algold.com
Benoit La Salle, FCPA, FCA Alex Ball
Chairman and Chief Executive Officer Executive VP, Finance and Corporate Development
+1 (514) 889 5089 +1 (647) 919 2227