Trading Symbol: TSX-V: IG
CALGARY, April 29 /CNW/ - Infinito Gold Ltd. (the "Company") - The Company will seek approval from the TSX Venture Exchange to extend the expiry date of 9,053,185 share purchase warrants (the "Warrants") issued on May 15, 2007. All Warrants currently entitle the holders to acquire one additional common share of the Company at a price of $0.45 per share up until May 15, 2010.
The Company proposes to extend the expiry date of the outstanding Warrants to May 15, 2011 with no other terms of the Warrants being amended.
The proposed extension of the expiry date of these Warrants is subject to approval of the TSX Venture Exchange.
In addition, the Company wishes to announce that it has received waivers of events of default under the outstanding $50,500,000 Secured Convertible Notes (the "Notes") of the Company held by Exploram Enterprises Ltd. ("Exploram") and Auro Investments Ltd. ("Auro", and together with Exploram, the "Noteholders"). This represents the ninth time since June 30, 2009 the Noteholders have waived events of default relating to the delay in receipt of the decision by the SALA IV. Although the SALA IV voted favourably on April 16, 2010 by a margin of five votes to two, the full detailed decision has not been disseminated publicly.
As disclosed in news releases dated September 30, 2009 and October 30, 2009, the Notes originally provided that it would be an Event of Default if the SALA IV proceedings had not been resolved favourably by June 30, 2009 and if the first drawdown under a project debt financing facility did not occur by September 30, 2009 and the first interest payment due under the Notes was payable on September 30, 2009. None of these deadlines were met and each of these defaults has now been waived until May 31, 2010. In addition, Infinito's obligation to pay certain structuring fees has been deferred, and the defaults associated with such non-payment have been waived, until May 31, 2010.
Caution Regarding Forward-Looking Information and Statements
The statements in this press release regarding extending warrants address future events and conditions and, as such, are uncertaint as they are subject to receipt of TSX Venture Exchange approval. . These statements are made as of the date of this release but Company undertakes no obligation to update these forward-looking information or statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking information or statements.
INFINITO GOLD LTD.
"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."
SOURCE Infinito Gold Ltd.
For further information: For further information: INFINITO GOLD LTD., 216, 102 - 8th Avenue S.W., Calgary, Alberta, T2P 1B3, Telephone: (403) 444-5191