Gold Torrent fails to fund Lucky Shot Development; Miranda maintains its option for a 3.3% royalty
Vancouver, BC, Canada – June 26, 2018 – Miranda Gold Corp. (“Miranda”) (TSX-V: MAD) is announcing that Gold Torrent, Inc. (“GTI”) was unable to complete its share financing required under the agreement with Cartesian Royalty Holdings. As a consequence of this, GTI and Alaska Gold Torrent, LLC (“AGT LLC”) are in default under the project finance arrangement with Cartesian Royalty Holdings, Cartesian Capital Group, and CRH Funding II Pte. Ltd. and will not receive development financing.
Miranda maintains its installment purchase of the 3.3% NSR on the project, in anticipation of future production.
After discussions between Miranda and Cartesian, it was determined that the best course of action for Cartesian was to foreclose on the Deed of Trust, and to request that GTI and Miranda sign over their respective holdings in AGT LLC to satisfy the provisions of the Deed of Trust.
Pursuant to a Membership Transfer and Assignment Agreement, both GTI and Miranda have now transferred their respective ownership in AGT LLC to CRH Funding II Pte. Ltd. for the consideration of CRH Funding II Pte. Ltd. assuming all of the obligations of GTI and Miranda under the AGT LLC Operating Agreement and that each of the parties is released from all liability on such assumed obligations arising after the date of transfer, being June 13, 2018.
Miranda has agreed to continue to work with Cartesian on other scenarios in order to assist with bringing the Lucky Shot project to production.
Miranda is a gold Prospect Generator active Colombia, whose emphasis is on acquiring gold exploration projects with world-class discovery potential. Miranda performs its own grass roots exploration and then employs a joint venture business model on its projects to maximize exposure to discovery and minimize exploration risk. Miranda has an ongoing relationship with IAMGOLD in Colombia.
Joseph (Joe) Hebert, Chief Executive Officer