VANCOUVER, June 29, 2016 /CNW/ - Resource Capital Gold Corp., TSXV: RCG ("RCG" or the "Company") announces today that it has entered into an agreement to settle CAD$383,750 of debt with ACT2 Pty Ltd. ("ACT2"), the Company's largest shareholder. Pursuant to the agreement, the Company will issue ACT2 7,675,000 common shares at a deemed price of $0.05 per share.
After this transaction, ACT2 will own and control 10,597,554 common shares, representing 19.9% of the issued and outstanding common shares of the Company. The shares for debt transaction is subject to the approval of the TSX Venture Exchange.
On behalf of the Board of Directors of Resource Capital Gold Corp.
George S. Young
Chairman and CEO
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 information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is generally identifiable by use of the words "believes," "may," "plans," "will," "anticipates," "intends," "could", "estimates", "expects", "forecasts", "projects" and similar expressions, and the negative of such expressions. Forward-looking information in this news release include statements about the completion of the shares for debt transaction.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
SOURCE Resource Capital Gold Corp.
For further information: George S. Young at (806) 886-3317