VANCOUVER, May 29, 2017 /CNW/ - Rye Patch Gold Corp. (TSX.V: RPM; OTCQX: RPMGF; FWB: 5TN) (the "Company" or "Rye Patch") wishes to provide shareholders with an update in respect of its management information circular dated April 28, 2017 (the "Circular") in connection with its annual general meeting of shareholders of the Company to be held on Tuesday, June 6, 2017 (the "Meeting").
The Company wishes to make certain clarifications relating to fees paid to its external auditor, PricewaterhouseCoopers LLP ("PwC") for the 2016 fiscal year;
- Of the $156,891 in Tax Fees paid to PwC:
- $20,020 pertains to tax compliance and preparation;
- $28,321 relates to advice and consulting; and
- $108,550 relates to due diligence tax work and assistance to legal counsel in relation to the Company's acquisition of the Florida Canyon gold mine and are one-time in nature; and
- The entirety of the Other Fees paid to PwC, equal to $58,000, were incurred for due diligence in connection with the Florida Canyon gold mine acquisition.
The Board has approved certain further changes to the renewal Stock Option Plan (the "Option Plan") that is subject to shareholder approval at the Meeting. For greater certainty, if the Option Plan is approved by shareholders at the Meeting, any of the following amendments will now require shareholder approval:
- Any amendment to the Option Plan that results in any increase in the number of shares reserved for issuance under the Option Plan;
- Any reduction in the exercise price, or cancellation and reissue, of an option granted or other entitlements under the Option Plan;
- Any amendment to an option granted under the Option Plan that extends its term beyond the original expiry;
- Any amendment to the Option Plan that would permit options granted under the Option Plan to be transferable or assignable other than for normal estate settlement purposes; and
- Any amendment to the Option Plan amendment provisions.
About Rye Patch Gold Corp.
Rye Patch Gold Corp. is a Nevada based, Tier 1, mining company engaged in the mining and development of quality resource-based gold and silver mines and projects along the established Oreana trend in west central Nevada. Leveraging its strong financial position and cash to acquire the operating Florida Canyon Gold Mine, Rye Patch Gold Corp. now controls a trend-scale platform with operations, replacement assets and exploration upside. The combination of operations and exploration concentrated along a major Nevada gold trend positions Rye Patch as an emerging mid-tier gold producer with tremendous value added potential. For more information, please visit our website at www.ryepatchgold.com.
On behalf of the Board of Directors
William C. (Bill) Howald, CEO & President
Neither 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 Rye Patch Gold
For further information: Rye Patch Gold Corp, firstname.lastname@example.org, Tel.: (604) 638-1588, Fax: (604) 638-1589