SYDNEY, Australia, July 13, 2016 /CNW/ - ACT2 Pty Limited ("ACT2") announces that it acquired on July 13, 2016 ownership and control of 7,675,000 common shares of Resource Capital Gold Corp. (the "Company"), by way of a shares for debt settlement transaction at a Canadian dollar price of CAD$0.05 per common share. The consideration was satisfied through the settlement of CAD$383,750 of debt owing from the Company to ACT2.
The aggregate number of common shares of the Company which are owned or controlled, directly or indirectly, by ACT2 immediately after the transaction was 10,597,554 common shares representing 19.9% of the issued and outstanding common shares of the Company.
ACT2 is controlled by Gary Lewis, the Company's former Chief Executive Officer.
ACT2 acquired the securities for investment purposes. ACT2 may increase or decrease its beneficial shareholdings from time to time as it may determine appropriate for investment purposes. ACT2 may also from time to time seek to have additional indebtedness owing by the Company to ACT2 settled through the issuance of common shares.
SOURCE Fasken Martineau DuMoulin LLP - Vancouver
For further information: A copy of the early warning report relating to ACT2's acquisition of the common shares will be available under the Company's profile on SEDAR. A copy of the early warning report being filed by ACT2 may also be obtained by contacting the Company at 806 886-3317.