Key Developments: TNR Gold Corp (TRRXF.PK)
0.05USD
21 May 2013
$0.01 (+21.90%)
$0.04
$0.05
$0.05
$0.05
20,000
2,917
$0.19
$0.04
Latest Key Developments (Source: Significant Developments)
TNR Gold Corp Settles Lawsuit Over Los Azules With McEwen Mining Inc-Canada Stockwatch News
Canada Stockwatch News reported that TNR Gold Corp. and its wholly owned subsidiary, Solitario Argentina S.A., have reached a settlement with McEwen Mining Inc., which resolves the outstanding litigation with respect to the Los Azules copper project located in San Juan province, Argentina. The settlement restores a 25% back-in right to TNR, which is exercisable following the completion of a feasibility study. The back-in right allows TNR to back in for 25% of the northern part of the Los Azules property. In addition, TNR receives an industry-standard net smelter royalty of 0.6 per cent and one million shares in McEwen Mining (information about McEwen Mining can be found at its website and on SEDAR). The net smelter royalty is over the northern portion of the property and is triggered if TNR chooses to back in for 5 per cent or less or is diluted below 5 per cent. In return, TNR will discontinue its claims and transfer to McEwen Mining the mineral rights to a property called Escorpio IV. Full Article
Minera Andes, Inc. Rejects TNR Gold Corp Offer To End Litigation-Canada Stockwatch News
Canada Stockwatch News reported that Minera Andes Inc. refers to the previous news release issued by TNR Gold Corp., and wishes to take this opportunity to respond. In its news release, TNR Gold offered to settle its continuing litigation with Minera Andes over the ownership of certain portions of Minera Andes's Los Azules project in exchange for a payment to TNR Gold of $125 million. Minera Andes received substantially the same settlement offer from TNR Gold, however, with a deadline for acceptance of approximately 24 hours, a period which was subsequently extended to approximately 48 hours. The offer was considered by both the Board of Directors of Minera Andes and by its special committee comprising independent Directors and formed for the purpose of reviewing the proposed business combination with U.S. Gold Corp. After due consideration, and having received the input of the special committee, the Board of Directors of Minera Andes resolved unanimously to reject the offer from TNR Gold as unreasonable. Minera Andes continues to reject TNR Gold's claims and intends to continue to vigorously defend against those claims, and looks forward to resolving this matter in the courts of British Columbia. Full Article
TNR Gold Corp. Offers To Settle Los Azules Litigation With Minera Andes For USD125 Million
TNR Gold Corp. announced that and its wholly owned subsidiary Compania Minera Solitario Argentina S.A. (Solitario and, together with the Company TNR) announced that they have made an offer of USD125 million to settle their current litigation with Minera Andes Inc over title to a substantial portion of the mineral properties constituting the Los Azules project in Argentina (the Los Azules Litigation). Minera Andes has recently agreed to be acquired by US Gold Corporation pursuant to an arrangement transaction (the McEwen Merger). If the McEwen Merger is approved by the shareholders of both companies and the transaction closes, Minera Andes will become an indirect subsidiary of US Gold, which will be renamed McEwen Mining Inc. The Los Azules Litigation involves a challenge by TNR of the title of Minera Andes and certain of its subsidiaries to the mineral properties constituting the northern half of the Los Azules project (the "Solitario Properties"). TNR is seeking return to it of a 100% interest in the Solitario Properties or damages; and, effectively, in the alternative, recognition of TNR's right to back-in to a 25% interest in the properties; together with recognition of TNR's interest in the related Escorpio IV property. Full Article
TNR Gold Corp. Announces Bridge Loan Financing
TNR Gold Corp. announced that it has arranged a $1,000,000 bridge loan (the Loan) from one of its current shareholders (the Lender) to provide short-term working capital. The Loan is due and payable on or before November 30, 2012 and is secured by a promissory note, general security agreement and deed of trust over the Company's mining claims located in Alaska. The Loan will bear interest at the rate of 8% per annum. In consideration for the advance of the Loan, the Company will grant a bonus of $50,000 to the Lender, payable by way of 1,000,000 common shares of the Company at a deemed price of $0.05 per common share. The bonus shares will be subject to a hold period of four months and a day from issuance. Full Article
TNR Gold Corp. Options 100% Interest In Iron Ore Project, Northwestern Ontario
TNR Gold Corp. announced that the Company has entered into a purchase option agreement (Agreement) on the acquisition of the Soules Bay Iron Ore project. comprehensive exploration program consisting of a high resolution airborne magnetic survey, geologic mapping/prospecting and subsequently diamond drilling is planned to be performed throughout the Property along the extent of the highly prominent iron formation. Under the terms of the Agreement, TNR will acquire a 100% interest in the Property by making aggregate cash payments of $99,065 and issuing an aggregate of 150,000 common shares over a four year period to the Optionor. The Optionor retains a 2% net smelter return royalty on the Property subject to TNR's right to purchase one-half of the two percent for $1 million at any time. The Agreement is made between the Company and Perry English of Souris, Manitoba, an authorized agent for Rubicon Minerals Corporation The 1904-hectare Property is located approximately 310 kilometres north of Thunder Bay and 45 kilometres south of Pickle Lake in northwestern Ontario. Provincial Highway 599, originating off the Trans-Canada Highway 17 from the town of Ignace to Pickle Lake, passes less than 300 metres southeast of the Property. Full Article
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