VANCOUVER, July 13, 2016 /CNW/ - Resource Capital Gold Corp., TSXV: RCG ("RCG" or the "Company") announces today that it has completed the shares for debt transaction previously announced on June 29, 2016.
The Company issued 7,675,000 common shares to ACT2 Pty Ltd. ("ACT2"), the Company's largest shareholder at a deemed price of CAD$0.05 per share. The consideration was satisfied through the settlement of CAD$383,750 of debt owing from the Company to ACT2.
The shares are subject to a four month hold period under the policies of the TSX Venture Exchange.
As a result of this transaction, ACT2 owns 10,597,554 common shares, representing 19.9% of the issued and outstanding common shares of the Company.
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.
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