VANCOUVER, Jan. 30, 2013 /CNW/ - Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange:
NG6A) ("VG" or the "Company"), announces today that Whitebox Advisors LLC
("Whitebox") has exercised its option to amend the exercise price of
the Whitebox Warrants (as defined below) from $3.00 (on a
post-consolidated basis) to $1.95, subject to the approval of the
Toronto Stock Exchange. No other provisions of the Whitebox Warrants
will be amended and none of the Whitebox Warrants are held directly or
indirectly by insiders of the Company. The amendment to the exercise
price of the Whitebox Warrants will be effective as of ten trading days
from the date of this release.
Whitebox was issued, on a post-consolidated basis, 1,333,333 common
share purchase warrants (the "2nd Tranche Warrants") pursuant to the
July 2012 second tranche private placement of CDN$4,000,000 in
unsecured convertible debentures and on a post-consolidated basis,
133,333 common shares of the Company.
Whitebox was also issued, on a post-consolidated basis, 669,568 common
share purchase warrants (the "3rd Tranche Warrants", together with the
2nd Tranche Warrants, the "Whitebox Warrants") pursuant to Whitebox's
October 2012 exercise of option and placement of CDN$2,00,000 principal
amount of additional unsecured convertible debentures and on a
post-consolidated basis, 66,956 common shares of the Company. Each
Whitebox Warrant entitles the holder thereof to purchase one common
share in the capital of the Company. The 2nd Tranche Warrants and 3rd
Tranche Warrants will expire in July and October 2015 respectively.
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 asset is the permitted and
operating Jerritt Canyon gold mine located 50 miles north of Elko,
Nevada, USA. The Company also holds a diverse portfolio of precious
metals properties in British Columbia and the Yukon Territory, Canada,
including the former producing Ketza River mine. The Company's focus
has been on the re-development of the Jerritt Canyon mining and milling
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adequacy or accuracy of this release.
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 Securities 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.
Investor Relations Manager
Tel: (604) 688-9427 ext 224
CHF Investor Relations
Director of Operations
Tel: (416) 868-1079 ext. 225
Chairman Tel: +49 711 25 35 92 40