High Desert Gold Announces Closing of Qualifying Transaction by Highvista Gold and Sale by High Desert of Partial Interest in...
October 06 2011 - 5:13PM
Marketwired
High Desert Gold Corporation (TSX VENTURE:HDG)(PINK
SHEETS:HDGCF)
Sale of Partial Interest in Highvista
High Desert Gold Corporation ("HDG" or the "Company") is pleased
to announce that it sold today, on a private placement basis,
640,000 common shares of Highvista Gold Corp. and 320,000 purchase
options (the "Purchase Options") for gross proceeds of $320,000
(the "Private Placement"). Following the Qualifying Transaction (as
defined below), each Purchase Option entitles the holder thereof to
acquire from HDG one common share of Highvista Gold Inc. upon
payment of $0.70 until October 6, 2013. Pursuant to the Private
Placement, the Company also issued 44,800 compensation options each
entitling the holder thereof to acquire from HDG one common share
of Highvista Gold Inc. upon payment of $0.50 until October 6, 2012
(the "Compensation Options").
Highvista Gold Corp. is the company to which HDG transferred its
interest in the Canasta Dorada property. See HDG PR10-16 October 7,
2010 and HDG PR11-02 February 7, 2011. Today Highvista Gold Corp.
completed its going public transaction with Triumph Ventures Corp.
As result of the transaction Triumph is now known as Highvista Gold
Inc. The transaction constituted Highvista Gold Inc.'s qualifying
transaction (the "Qualifying Transaction") under the policies of
the TSX Venture Exchange, all as set out in the filing statement
dated September 27, 2011, which is available on SEDAR at
www.sedar.com under the profile of Highvista Gold Inc.
Early Warning
Pursuant to the Qualifying Transaction, HDG acquired ownership
of 10,683,125 common shares of Highvista Gold Inc. ("Common
Shares"), representing approximately 34.8% of the total issued and
outstanding Common Shares, in exchange for the 10,683,125 common
shares of Highvista Gold Corp. held by HDG prior to the Qualifying
Transaction.
HDG originally acquired its interest in Highvista Gold Corp. in
exchange for HDG's interest in the Canasta Dorada property. HDG
intends to hold its Common Shares of Highvista Gold Inc. for
investment purposes. Depending on market or other conditions, and
subject to compliance with the regulatory escrow agreement and
contractual lock-up undertaking entered into by HDG, the Company
may sell all or a portion of the Common Shares. The Company is
obligated to sell up to 364,800 Common Shares upon exercise of the
Purchase Options and the Compensation Options, in accordance with
their respective terms.
ABOUT HIGH DESERT GOLD
The Company is a mineral exploration company that acquires and
explores mineral properties, primarily gold, copper and silver, in
North America. The major properties held by HDG are the Gold
Springs gold project situated along the border between Utah and
Nevada and the San Antonio project in Sonora, Mexico.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: For further information, or to obtain a copy of the
Company's early warning report, please contact: High Desert Gold
Corporation Richard Doran, Executive Vice President (303) 758-2063
(FAX) Tel: (303) 584-0608rdoran@hdggold.com
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