Ryan Gold Corp. and Carlisle Goldfields Limited Announce Closing of $1,000,000 Unit Subscription and Option Transaction
November 01 2012 - 5:42PM
Marketwired
Ryan Gold Corp. (TSX VENTURE:RYG) ("Ryan") and Carlisle Goldfields
Ltd. (TSX:CGJ)(OTCQX:CGJCF) ("Carlisle") are pleased to announce
the closing of the previously announced option transaction and
$1,000,000 unit purchase (the "Unit Purchase") whereby Carlisle has
granted Ryan an option to acquire a 10% non-diluting interest in
the mining claims and mining leases comprising the Farley Lake
property located near the town of Lynn Lake, Manitoba, in which
Carlisle holds a 100% interest (the "Transaction").
Pursuant to the terms of the Unit Purchase, Ryan has purchased
6.25 million units of Carlisle ("Units") at a price of $0.16 per
Unit for aggregate gross proceeds of $1,000,000. Each Unit consists
of one common share of Carlisle (a "Carlisle Share") and one half
of one share purchase warrant (each whole share purchase warrant, a
"Warrant"). Each whole Warrant entitles the holder thereof to
acquire one additional Carlisle Share for a period of 24 months
from the date of issuance at an exercise price of $0.22 per
share.
In order to acquire its interest in the property, Ryan is
required to incur aggregate exploration expenditures on the
property of $2,000,000 by December 31, 2012. Ryan's 10% interest in
the property is subject to certain put and back-in rights as
described in the joint press release of Carlisle and Ryan dated
October 26, 2012 (the "Joint Release").
In connection with the Unit Purchase, Carlisle has paid finder's
fee as follows: (i) a cash fee of $70,000; and (ii) 437,500
non-transferable finder's warrants (a "Finder's Warrant"), with
each Finder's Warrant entitling the holder to purchase one common
share of the Corporation for $0.22 per share at any time within
twenty-four (24) months from the date of issuance. Finders are
entitled to further compensation in the event that Ryan exercises
its option as described in the Joint Release.
The Unit Purchase and Transaction remain subject to final
approval of the Toronto Stock Exchange ("TSX").
About Ryan Gold Corp.
Ryan Gold Corp. is an exploration company focussed on gold
exploration primarily in the Yukon Territory, Canada. Ryan is well
funded and has a large land package of approximately 470,000
hectares comprised of 80 different properties. Ryan's flagship
property is Ida Oro. During the summer of 2010 a soil sampling
programme completed on Ida Oro revealed a significant, greater than
100 ppb Au, gold-in-soil anomaly over an area of 4 km by 1.2 km. In
2011, Ryan completed an 11 hole drill campaign for a total of 2,854
m. Ryan has completed its 2012 drill programs on the Ida Oro and
Flume Properties, and continues to systematically explore a number
of its other properties.
About Carlisle Goldfields Limited
Carlisle Goldfields Limited is a Canadian-based gold exploration
and development company, focused on development of its mining
leases and claims in the Lynn Lake Greenstone Camp of Northern
Manitoba. The properties cover approximately 20,000 hectares which
include three former producing gold mines as well as numerous other
historically identified Gold Zones all within close distance of the
town of Lynn Lake.
Forward-Looking Statements - Certain information set forth in
this news release may contain forward-looking statements that
involve substantial known and unknown risks and uncertainties.
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the control of Ryan and
Carlisle, including, but not limited to the impact of general
economic conditions, industry conditions, volatility of commodity
prices, dependence upon regulatory approvals, the availability of
financing and exploration risk. Readers are cautioned that the
assumptions used in the preparation of such information, although
considered reasonable at the time of preparation, may prove to be
imprecise and, as such, undue reliance should not be placed on
forward-looking statements.
Neither the TSX nor the TSXV has reviewed and they do not accept
responsibility for the adequacy or accuracy of this press
release.
Contacts: Ryan Gold Corp. David Schmidt Interim Chief Executive
Officer (604) 639-3119info@carlislegold.com www.ryangold.com
Carlisle Goldfields Limited Bruce Reid President & Chief
Executive Officer (647) 500-4495 www.carlislegold.com