Infinito Gold Ltd. Announces Resignation of All Directors and Officers
Jul 15, 2015, 13:53 ET
Trading Symbol:TSXV: IG
CALGARY, July 15, 2015 /CNW/ - Infinito Gold Ltd. (the "Company") announces that all of the directors of the Company and all of the officers of the Company have resigned from their respective positions with the Company effective immediately.
As of the date of this news release, the Company has a material working capital deficit comprised primarily of demand loan principal in excess of $19.7 million, $50.5 million in principal pursuant to convertible notes, and aggregate interest owing in excess of $90.1 million, such principal amounts and the then-owing interest being disclosed in previous news releases and in the Company's December 31, 2014 condensed consolidated interim financial statements which should be read in conjunction with the Company's audited consolidated financial statements dated March 31, 2014, both of which are available on SEDAR (www.sedar.com).
As a result of the aforementioned working capital deficit and given the fact that the Company's major shareholder and creditor has advised the Company that it is unwilling to advance any further funds to the Company, the Company has concluded that it will not be possible for it to continue operations.
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.
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