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 |   Tue Aug 18, 2009
Reunion Gold Corporation arranges US$250,000 Loan
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| | Reunion Gold Corporation (TSX-V: RGD) (the "Company") announces that it has arranged a loan of US$250,000 from a company controlled by two directors of the Company. The funds will be used for interim working capital while the Company seeks longer-term financing for its activities.
The loan will be unsecured and will accrue interest at 15% per annum until the time of repayment. The loan may be repaid by the Company without penalty at any time, and will be subject to repayment on demand by the lender at any time after March 1, 2010. At the time of repayment, the lender will have the option to elect for repayment of all principal and accrued interest due under the loan in either cash or in common shares of the Company. The loan has been approved by the independent directors of the Company, with the interested directors abstaining from voting, and remains subject to TSX Venture Exchange approval.
Due to limited financial resources, exploration activities at the Company's projects were halted in October 2008 and these projects have since been on care and maintenance.
Forward-looking Information
This news release contains certain "forward-looking information" under Canadian securities laws. All statements that address future activities, events or developments that the Company believes, expects or anticipates will or may occur are forward-looking information. Specifically, this news release contains forward looking information about the Company's plans to obtain longer-term financing for its activities. Forward looking information is based upon assumptions by management that are subject to known and unknown risks and uncertainties beyond the Company's control, including risks related to capital markets and the availability of financing for companies such as the Company. There can be no assurance that outcomes anticipated in the forward looking information will occur, and actual results may differ materially for a variety of reasons. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking information, except as may be required by law.
Neither 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.
Additional information about the Company is available through regular filings and press releases on SEDAR and on the Company's website.
For further information please contact:
Reunion Gold Corporation
James Crombie
President & CEO
Telephone: (450) 677-2585
Facsimile: (450) 677-2601
Email: james_crombie@reuniongold.com
Gerri Paxton
Manager - Investor Relations
Telephone: (450) 677-2054
Facsimile: (450) 677-2601
Email: gerri_paxton@reuniongold.com |
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| You can view the Next News Releases item: Fri May 7, 2010, REUNION GOLD ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO RAISE UP TO $5,000,000
You can view the Previous News Releases item: Wed Jun 17, 2009, Reunion Gold Corporation announces its Financial Results for the Year Ended March 31, 2009 and Write-down of Exploration Expenses
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