Yukon-Nevada Gold Corp. announces that the September 2009 private placement
needs to be approved by shareholders
In accordance with Section 607(g)(i) of the TSX Company Manual, as the pricing of the Units was outside of the TSX's allowable discounts, the exercise price of the Warrants was below market price (as defined by the TSX) and the maximum aggregate number of securities issuable by the Company pursuant to a private placement which closed on
Votes of the common shares held by subscribers to the August Private Placement as well as common shares held by the subscribers to the Units will not be included for the purposes of obtaining such shareholder approval; therefore, 42,132,000 shares, representing the shares issued to the subscribers of the August Private Placement and the shares held by subscribers to the Units, will be excluded from the vote in regards of the required shareholder approval.
In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a "hold period" of four months plus one day from the date of issuance of the aforesaid securities.
The proceeds of the private placement transaction will be used to pay down the existing liabilities of the Company, invest in the facilities at Jerritt Canyon to meet the compliance requirements of the Nevada Division of Environmental Protection, and make further improvements to the gold production processes to enhance throughput at the mill, carry out further exploration activity at the Jerritt Canyon and Ketza River properties and for general working capital purposes.
Yukon-Nevada Gold Corp. is a North American gold producer in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in
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The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for "forward-looking" statements.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the
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For further information: For further information: Yukon-Nevada Gold Corp., Nicole Sanches, Investor Relations Manager, Tel: (604) 688-9427, Email: [email protected], www.yukon-nevadagold.com; CHF Investor Relations, Jeanny So, Director of Operations, Tel: (416) 868-1079 ext. 225, Email: [email protected], www.chfir.com
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