Red Tiger Announces Proposed Shares for Debt Transaction
TORONTO, Jan. 29, 2013 /CNW/ - Red Tiger Mining Inc., (TSXV-RMN), (the "Company") announces that it has entered into an agreement (the "Debt Settlement Agreement") with Maquinaria y Construcciones Nunez ("Maquinaria"), in respect of the settlement of certain trade payables owed to Maquinaria by the Company (the "Debt Settlement").
As provided in the Debt Settlement Agreement, the Company proposes to issue 5,000,000 common shares of the Company (the "Debt Shares") to Maquinaria in satisfaction of US$1,423,024 trade payable. Maquinaria is a mining services company that has, since November 2011, provided mining services to the Company at its Luz del Cobre Copper Project in Mexico.
The Debt Settlement, including the issuance of the Debt Shares, is subject to the prior acceptance of the TSX Venture Exchange ("TSXV Acceptance").
The Debt Shares, if and when issued, will be subject to a hold period of four months and a day from the date of issuance.
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.
This news release contains forward-looking statements, which are subject to risks and uncertainties and other factors that may cause the Company's results to differ materially from expectations. Specifically, this news release contains forward-looking information regarding the Debt Settlement and the proposed terms thereof, and the approval of the Debt Settlement, including the issuance of the Debt Shares, by the TSX Venture Exchange. Accordingly, readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume any obligation to revise or update this forward-looking information after the date of this news release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE: Red Tiger Mining Inc.For further information:
Dr. Thomas Utter
President and CEO
Tel.: +1 52 662 311 8839
CFO and Secretary
Tel.: 416 637-1517 x 107