Toronto Stock Exchange: VG
VANCOUVER, Jan. 31, 2014 /CNW/ - January 31, 2014 - Veris Gold Corp. ("Veris" or the "Company") (TSX: VG)
(OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) announced today that it has entered into an agreement with 683 Capital
Partners, LP ("683 Capital") to extend the maturity date of the 683 Note (as defined below) to
January 12, 2014 and to amend the exercise price of the 683 Warrants
(as defined below) from US$1.80 to US$0.50, subject to the approval of
the Toronto Stock Exchange. No other provisions of the 683 Note or 683
Warrants will be amended and insiders of the Company hold none of the
683 Warrants directly or indirectly. The amendment to the exercise
price of the 683 Warrants will be effective as of ten trading days from
the date of this release.
On April 12, 2013 the Company entered into a promissory note with 683
Capital with a principal amount of US$10,000,000 (the "683 Note"), an interest rate of 9% and a maturity date of December 12, 2013. In
connection with the 683 Note, the Company also issued to 683 Capital
3,400,000 common share purchase warrants (the "First 683 Warrants") with an exercise price of US$1.80 and an expiry date of April 12,
2018. On May 15, 2013, the Company amended the terms of the 683 Note
and in connection with said amendment, on July 5, 2013 the Company
issued an additional 500,000 common share purchase warrants (the "Second 683 Warrants", together with the First 683 Warrants, the "683 Warrants") to 683 Capital with an exercise price of US$1.80 and an expiry date
of July 5, 2018.
About Veris Gold Corp.
Veris Gold Corp. is a growing mid-tier North American gold producer in
the business of developing and operating gold mines in geo-politically
stable jurisdictions. The Company's primary assets are the permitted
and operating Jerritt Canyon processing plant and gold mines located 50
miles north of Elko, Nevada, USA. The Company's primary focus is on
the re-development of the Jerritt Canyon mining and processing plant.
The Company also holds a portfolio of precious metals properties in
British Columbia and the Yukon Territory, Canada, including the Ketza
On behalf of
"VERIS GOLD CORP."
President and CEO
To be added to the Veris Gold e-mail list please sign up at www.verisgold.com.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release. All material information may be
accessed at www.sedar.com.
Forward-Looking Statements This press release contains "forward-looking statements" and "forward
looking information" within the meaning of applicable securities laws.
All statements, other than statements of historical fact, including
without limitation, statements relating to plans for or intentions with
respect to the offering of Securities and the Company's use of proceeds
from the sale of the Units and Flow-Through Units are forward-looking
statements. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "plans",
"expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases or
state that certain actions, events or results "may", "could", "would",
"might" or "will be taken", "occur" or "be achieved". By their nature,
forward-looking statements and information are based on assumptions and
involve known and unknown risks, uncertainties and other factors that
may cause our actual results, performance or achievements, or industry
results, to be materially different from future results, performance or
achievements expressed or implied by such forward-looking information.
Such risks, uncertainties and other factors include among other things
the following: the Company's ability to engage underwriters, dealers or
agents on terms and conditions deemed reasonable by the Company; the
need to satisfy regulatory and legal requirements with respect to any
offerings; gold price volatility; discrepancies between actual and
estimated production and mineral reserves and resources; the
speculative nature of gold exploration; mining operational and
development risk; and regulatory risks. See our Annual Information Form
for additional information on risks, uncertainties and other related
factors. Although the Company has attempted to identify important
factors that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ materially
from those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
does not undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with applicable
SOURCE: Veris Gold Corp.
For further information:
Veris Gold Corp.
Joanne C. Jobin
VP, Investor Relations
T: (647) 964-0292
NA Toll Free: 1-855-688-9427
Veris Gold Corp.
Investor Relations Manager
T: (604) 688-9427 ext 224
NA Toll Free: 1-855-688-9427