TORONTO, March 20, 2013 /CNW/ - White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX: WTG) announces that it has been notified that an insider and shareholder of the Company, Unique Goals International Ltd ("Unique"), has completed the purchase (the "Purchase") of an aggregate of 268,700,731 common shares of the Company ("Shares"). The Company understands that the Purchase was completed by way of private transactions with two beneficial shareholders of the Company, with 238,700,371 Shares being purchased from companies wholly-owned by Mr. Maxim Finskiy, a director and insider of the Company, and 30,000,000 Shares being purchased from Inger Industries Ltd.
Unique is controlled by Mr. Sergey Yanchukov. As a result of the Purchase, Mr. Yanchukov now beneficially owns, or has control and direction over an aggregate of 338,300,208 Shares, representing approximately 70.25% of the issued and outstanding Shares. If the warrants of the Company controlled by Mr. Yanchukov are fully exercised into 204,010,013 Shares, Mr. Yanchukov would control 542,310,221 Shares representing approximately 79.10% of the issued and outstanding Shares (after giving effect to such exercise).
The Company also announces Mr. Maxim Finskiy has resigned from his roles as Executive Chairman and a director of the Company, effective immediately. Mr. Finskiy resigned in order to pursue other interests.
Jim McBurney, CEO of White Tiger, said, "On behalf of the Board of Directors, I would like to thank Mr. Finskiy for his leadership and service to the Company."
About White Tiger
White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs (including, without limitation, statements regarding, the Company's mines, projects and licence areas, exploration and development plans (including the timing thereof) and potential, anticipated gold production and future plans and objectives of the Company. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the availability to the Company of suitable financing alternatives; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE: White Tiger Gold Ltd.
For further information:
White Tiger Gold Ltd. Jim McBurney, Chief Executive Officer [email protected]