Trading Symbol:TSXV: IG
CALGARY, March 20, 2015 /CNW/ - Infinito Gold Ltd. (the "Company" or "Infinito") announces a further advance of $130,000 under the demand loan facility (the "Loan") provided by Exploram Enterprises Ltd. ("Exploram"), the Company's major shareholder (see news release dated February 11, 2015). A condition of the advance was the transfer of certain data relating to the Crucitas gold project in Costa Rica (the "Data") as nominal consideration (the "Data Transfer"). The funds were advanced promptly after Infinito provided notice to Exploram.
In addition to the $300,000 advanced under the Loan as previously announced, the additional funds advanced conditional upon the Data Transfer are expected to satisfy the Company's immediate working capital requirements through March 2015.
Under the terms of the Data Transfer, the Company is permitted access to the Data if the Company requires access in connection with the arbitration claim against the Government of the Republic of Costa Rica (see news release dated February 10, 2014) or other legal or regulatory proceedings.
The Company will continue to work with its major shareholder, Exploram, to secure funding on a short-term basis, as required, to be used to finance the Company's short-term working capital requirements. Any such further funding, including in relation to the remaining $320,000 potentially available to the Company under the Loan, is at the sole discretion of Exploram.
Caution Regarding Forward-Looking Information and Statements
Certain statements in this press release address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. These factors include, among others, the extent of the Company's working capital requirements; the Company's ability to access further short-term financing; developments, if any, in relation to the arbitration claim against the Government of the Republic of Costa Rica; and the timing and nature of further legal action, if any, in Costa Rica. 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.