Key Developments: Rye Patch Gold Corp (RPMGF.PK)
0.34USD
18 Jun 2013
$0.00 (+0.90%)
$0.33
$0.34
$0.34
$0.32
99,500
33,838
$0.61
$0.27
Latest Key Developments (Source: Significant Developments)
Rye Patch Gold Corp Completes Third and Final Tranche of Non-Brokered Private Placement
Rye Patch Gold Corp announced the completion of the third and final tranche of its previously announced non-brokered private placement (the Private Placement) by issuing a total of 341,732 units (Units) at $0.50 per Unit for gross proceeds of $170,866. With the first, second and third tranche closings, Rye Patch has to date issued a total of 7,796,301 Units for total gross proceeds of $3,898,150.50. Each Unit consisted of one common share (Share) of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a Warrant). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.75 for a period of 24 months from the closing date. In connection with the completion of the third and final tranche of the Private Placement, the Company will also pay finder's fees in cash totaling $3,500. The Shares and Warrants issued under the third and final tranche of the Private Placement and the Shares issuable upon exercise of such Warrants are all subject to a hold period that expires on December 28, 2012. The net proceeds from the Private Placement will be used to explore and develop the projects of Rye Patch Gold US Inc., the Company's wholly-owned subsidiary, as well as for the Company's general working capital. Full Article
Rye Patch Gold Corp Completes First Tranche Of Private Placement
Rye Patch Gold Corp announced the completion of the first tranche of its previously announced non-brokered private placement (the Private Placement) by issuing a total of 5,454,579 units (Units) at $0.50 per Unit for gross proceeds of $2,727,289.50. Each Unit consisted of one common share ("Share") of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.75 for a period of 24 months from the closing date. The net proceeds from the Private Placement will be used to explore and develop the projects of Rye Patch Gold US Inc., the Company's wholly-owned subsidiary, as well as for the Company's general working capital. Full Article
Rye Patch Gold Corp Announces Amended Non-Brokered Private Placement
Rye Patch Gold Corp announced that the Company's non-brokered private placement previously announced on July 31, 2012 has been amended by reducing the subscription price per Unit and increasing the offering size. The Company now intends to proceed with a non-brokered private placement of up to 8,240,430 Units at a price of $0.50 per Unit for gross proceeds of up to $4,120,215 (the Private Placement). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a Warrant). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.75 for a period of 24 months from the closing date. Subject to the approval of the TSX Venture Exchange (the Exchange) and applicable laws, the Company will pay a finder's fee in cash equal to up to 7% of the gross proceeds of the Private Placement. The net proceeds from the Private Placement will be used to explore and develop the projects of Rye Patch Gold US Inc., the Company's wholly-owned subsidiary, as well as for the Company's general working capital. Full Article
Rye Patch Gold Corp Announces Updates Status Of Lawsuit Against Coeur Rochester, Inc
Rye Patch Gold Corp announced that recent events in the lawsuit among the Company and its wholly-owned subsidiary Rye Patch Gold US Inc. against Coeur Rochester, Inc. ("CRI"). The lawsuit involves ownership of unpatented mining claims which Rye Patch Gold US Inc. located in the fall of 2011 on public lands owned by the United States of America. The lands became open for the location of unpatented mining claims on September 1, 2011, when CRI failed to pay the federal annual mining claim maintenance fees required by United States law. Because CRI did not pay the fees, its former unpatented mining claims became void, and the public lands became open for the location of unpatented mining claims by any United States citizen or company. In 2012, the United States Bureau of Land Management issued its decision officially declaring that the former CRI claims are void. CRI's parent corporation Coeur d'Alene Mines Corporation reported that CRI failed to pay the claim maintenance fees and their former claims are void. In order to protect its rights under the United States mining law principle of pedis possessio - a doctrine established by the United States Supreme Court to protect the owner of a senior unpatented mining claim who is working on his claim to complete a discovery of minerals - and to prevent CRI from entering on the Rye Patch Gold US Inc. senior mining claims, Rye Patch Gold US Inc. filed a motion for preliminary injunction. Full Article
Coeur d'Alene Mines Corp's Coeur Rochester, Inc. Provides Update On Legal Dispute Between Rye Patch Gold Corp's Rye Patch Gold US Inc
Coeur d'Alene Mines Corp announced that it has provided an update on recent activities related to a legal dispute between its subsidiary, Coeur Rochester, Inc. and Rye Patch Gold US Inc. and its publicly-traded Canadian parent corporation, Rye Patch Gold Corp. The legal dispute stems from competing asserted interests in certain unpatented mining claims covering federal lands near Coeur’s Rochester mining operations following Coeur Rochester’s inadvertent failure to pay 2011 annual mining claim maintenance fees. In late December 2011, the Nevada State District Court enjoined Rye Patch Gold US Inc. from entering certain active mine areas at the Rochester operations pending the outcome of a trial scheduled for November 2012. Although Coeur cannot predict the outcome of the trial, it believes its claims are superior to those staked by Rye Patch. In addition, on August 9, 2012, the Court entered orders adopting a number of recommendations made by the Special Master regarding several pending motions, including denying Rye Patch's motion to dismiss Rye Patch Gold Corp., the publicly-traded parent company of Rye Patch Gold US Inc., as a party to the litigation. Rye Patch Gold Corp. must now answer Coeur Rochester’s complaint and respond to discovery requests. The Court also entered an order denying Rye Patch’s motion to revoke the appointment of the Special Master. Full Article
Rye Patch Gold Corp.'s Rye Patch Gold US Inc. Stakes More Mineral Claims At Rochester and Packard Mine Areas
Rye Patch Gold Corp. announced that Rye Patch Gold US Inc., the Company's wholly owned subsidiary, has staked ten additional unpatented lode claims on the Rochester project on open ground immediately north and northeast of the Rochester open pit mine and on the east and west sides of the Packard open pit mine. Two of the claims (OG1 and OG2) are located northeast of the pit and cover the strike projection of the main mineral trend from the Rochester pit toward the northeast. Five of the claims are located in the Packard area to cover fractions among the Rye Patch Gold US Inc. LH unpatented claims and CRI's patented claims around the Packard open pit. One claim is located on the east side of the Packard pit and the remaining four claims are to the west. Full Article
Rye Patch Gold Corp. Announces Non-Brokered Private Placement
Rye Patch Gold Corp. announced a non-brokered private placement of up to 7,272,727 units (Units) at a price of $0.55 per Unit for gross proceeds of up to $4,000,000 (the Private Placement). Each Unit will consist of one common share of the Company and one-half of one common share purchase warrant (each whole common share purchase warrant, a Warrant). Each Warrant will entitle the holder thereof to purchase one common share of the Company at an exercise price of $0.75 for a period of 24 months from the closing date. The net proceeds from the Private Placement will be used to explore and develop the projects of Rye Patch Gold US Inc., the Company's wholly-owned subsidiary, as well as for the Company's general working capital. Full Article
Rye Patch Gold Corp. Leases Additional Land On Rochester Project
Rye Patch Gold Corp. announced its wholly owned subsidiary, Rye Patch Gold US Inc., has entered into a lease agreement with New Nevada Land, LLC on four parcels of private land in Pershing County, Nevada, totaling approximately 4.12 square kilometres (1,015 acres) located within the LH unpatented mining claims on the Company's 100% owned Rochester project. The leased lands will give Rye Patch surface access to and from drilling sites on its LH claims. The parcels are located in Township 28 North, Range 34 East, Sections 19, 27, 29 and 33. The lands cover ground adjacent to the Mystic zone, Nevada Packard mine, and immediately south of the Lincoln Hill project. This brings the total lands leased from New Nevada Land, LLC to 6.2 square kilometres (1,530 acres). Full Article
Rye Patch Gold Corp.'s Rye Patch Gold US Inc. Stakes More Claims
Rye Patch Gold Corp. announced that through its wholly owned subsidiary, Rye Patch Gold US Inc., announced the Company has staked an additional 60 claims covering approximately 3.5 square kilometres (856 acres) located south and west of the Rochester Silver mine in Pershing County, Nevada. Full Article
Rye Patch Gold Corp.'s Rye Patch Gold US Inc. Files Lawsuit Against Subsidary Of Coeur d'Alene Mines
Rye Patch Gold Corp, through its wholly owned subsidiary Rye Patch Gold US Inc. (Rye Patch Gold US) filed a lawsuit against Coeur Rochester, Inc. (CRI), a wholly owned subsidiary of Coeur d'Alene Mines Corporation. The lawsuit was filed in the Second Judicial District Court of the State of Nevada, Washoe County, Reno, Nevada, Case No. CV11-03482. Rye Patch Gold US has asserted claims for relief for quiet title, trespass, slander of title and injunctive relief. Rye Patch Gold US has also asserted claims for damages which Rye Patch Gold US may incur as a result of CRI's actions. Rye Patch Gold US began locating its LH unpatented mining claims on October 27, 2011, and by November 21, 2011, had located and monumented more than 400 unpatented mining claims. The lawsuit is based on CRI's claim jumping of the senior unpatented mining claims owned by Rye Patch Gold US in Pershing County, Nevada. On August 31, 2011, CRI failed to pay the federal annual mining claim maintenance fees for unpatented mining claims which formerly were part of the Coeur Rochester Mine in Pershing County. Under U.S. federal law CRI's failure to pay the annual mining claim maintenance fees caused the CRI mining claims to be forfeited and void. Full Article
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