Vista Gold enters into a six month Lock-up Agreement for its remaining Midas Gold Shares
VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) reports that it has been notified by Vista Gold Corp. (“Vista”) that Vista has completed the sale of 8.0 million shares of Midas Gold Corp. (“Midas Gold”) held by Vista and/or its subsidiaries to certain arm’s-length parties at a price of C$0.46 per share. This transaction has reduced Vista’s shareholdings in Midas Gold from 15,802,615 shares (representing 11.2% of Midas Gold’s currently issued shares) to 7,802,615 shares (representing 5.5% of Midas Gold’s currently issued shares). As a result of this sale and the consequential change of ownership, Vista is no longer a reporting insider of Midas Gold. Midas Gold understands that all of the 8.0 million shares were fully placed with institutional and other investors on February 25, 2015, with settlement occurring on March 13, 2015. As a condition of the sale of the shares, Midas Gold understands that Vista has agreed not to sell any of its remaining shares in Midas Gold for a period of six months from closing.
“We are pleased to see eight million shares previously owned by Vista Gold placed more broadly,” said Stephen Quin, President & CEO of Midas Gold. “We appreciate the vote of confidence from our new shareholders and look forward to continuing to advance the exploration and evaluation of our Stibnite Gold Project.”
Midas Gold currently has 141,705,090 shares issued and outstanding; the completion of this transaction does not affect the number of shares issued and outstanding.
For further information about Midas Gold Corp., please contact:
Liz Caridi - Manager, Investor Relations
About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understands”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, Midas has applied several material assumptions, including the assumption that Vista will comply with its obligation not to sell its remaining shares in Midas Gold for a period of 6 months. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.