White Tiger Announces Amended Terms to its Bridge Loan and the Appointment of a New Independent Director

White Tiger Announces Amended Terms to its Bridge Loan and the Appointment of 
a New Independent Director 
TORONTO, April 2, 2013 /CNW/ - White Tiger Gold Ltd. ("White Tiger" or the 
"Company") (TSX: WTG) announces that it has amended the terms of the bridge 
loan previously announced by the Company on March 4, 2013, and the appointment 
of Mr. Igor Omelchenko to its Board of Directors. 
Amended Terms of the Bridge Loan 
On March 4, 2013, the Company announced that it had agreed to a US$1.5 million 
bridge loan facility (the "Bridge Loan") from Unique Goals International 
Limited (the "Lender"), a company beneficially owned, directly or indirectly, 
by Mr. Sergey Yanchukov, whom, at the time, was a creditor and insider of 
White Tiger. At the time of the agreement, the Bridge Loan was unsecured, 
scheduled to mature on April 15, 2013 and bore interest at 15% per annum. 
The Bridge Loan was also subject to TSX approval. 
On April 2, 2013, the Company and Unique amended the terms of the Bridge 
Loan. The loan amount under the Bridge Loan has been increased to 
US$12,500,000. The amended Bridge Loan is unsecured, matures on May 31, 2013 
and bears interest at 15% per annum. The Bridge Loan amount will be payable 
in several advances (each an "Advance"), with each Advance being provided to 
the Company in accordance with a payments list agreed upon by the parties (the 
"Payments List"). Subsequent Advances are subject to the Lender approving of 
the individual Advance and its associated Payments List. The amended Bridge 
Loan is subject to TSX approval. 
The Company intends to close the Bridge Loan within one business day of 
receiving the approval of the Toronto Stock Exchange ("TSX") as the Company 
requires the funding in order to maintain operations. If the Company does 
not receive one or more of the advances, the Company will not have sufficient 
funds to continue operations. 
In the period since the Bridge Loan was first agreed to, Mr. Yanchukov became 
the majority and controlling shareholder of the Company. By virtue of Mr. 
Yanchukov's status as an insider of the Company, the provision of the Bridge 
Loan constitutes a related party transaction under Multilateral Instrument 
61-101 Protection of Minority Security Holders in Special Transactions ("MI 
61-101"). However, pursuant to paragraph 5.4 of MI 61-101, a formal valuation 
is not required as the transaction does not fall under paragraphs (a) through 
(g) of the definition of a related party transaction. In addition, pursuant 
to paragraph 5.7(f), an exemption for minority approval requirements for a 
related party transaction is available to the Company as the Bridge Loan is 
from a related party on reasonable commercial terms that are not less 
advantageous to the Company than if the loan or credit facility were obtained 
from a person dealing at arm's length with the issuer, and the loan, or each 
advance under the credit facility, as the case may be, is not: 
(a)      convertible, directly or indirectly, into equity or voting 
     securities of the issuer or a subsidiary entity of the issuer, 


         or otherwise participating in nature; or

(b)      repayable as to principal or interest, directly or indirectly,
         in equity or voting securities of the issuer or a subsidiary
         entity of the issuer,

From a TSX compliance perspective, the value of the consideration to be 
received by Unique will not exceed 2% of the Company's market capitalization 
and therefore does not trigger the requirement under Section 501(c) for 
"approval by the Board on the recommendation of the directors who are 
unrelated to the transaction". However, since the Bridge Loan constitutes a 
related party transaction, the Board formed a special committee (the "Special 
Committee") comprised of independent directors for the purpose of reviewing 
and approving the terms of the Bridge Loan. After its review, the Special 
Committee recommended that the Board approve of the Bridge Loan. The Board 
then passed a resolution approving of the Company entering into the Bridge 
Loan.

The Company is continuing to review additional financing alternatives to 
ensure its ability to continue operations. However, if the Company does not 
secure additional financing prior to maturity of the Bridge Loan, the Company 
will not have sufficient funds to continue operations.

Appointment of a New Independent Director

White Tiger is also pleased to announce the appointment of Mr. Igor Omelchenko 
to its Board of Directors.

Mr. Omelchenko is a Partner at Agora Capital Partners Limited, Moscow-based 
financial advisory, private equity and asset management firm. He graduated 
from the Military Institute of Foreign Languages and Plekhanov Russian Academy 
of Economics in 1997. Since then, Mr. Omelchenko held various positions in 
investment banking and asset management companies, including United Financial 
Group (UFG), a Russian investment bank; the Strategic Equity Transaction Group 
of DeutscheUFG and Deutsche Bank. Since 2006 he was Managing Director and one 
of the founding partners of United Capital Partners, a financial advisory and 
asset management company. Mr. Omelchenko has also served on the Board of 
Directors of OJSC "NOVOSIBIRSKENERGO", an energy company, from 2004 to 2006 
and OJSC "REGIONGAZHOLDING", a Gazprom subsidiary engaged in gas distribution, 
from 2004 to 2007.

Commenting on the appointment of Mr. Omelchenko, Jim McBurney, Chief Executive 
Officer of White Tiger Gold said, "On behalf of the Board of Directors, I 
would like to welcome Mr. Omelchenko to the White Tiger Gold board, where his 
wealth of experience in the Russian finance and energy sectors will be put to 
excellent use. The addition of another director, with a background in finance 
and experience in the Russian Federation, will greatly benefit the Company."

About White Tiger

White Tiger Gold Ltd. is a TSX-listed mining and exploration company, focused 
on the development of mineral resources in the Russian Federation.

Caution Concerning Forward-Looking Information

This news release contains forward looking statements within the meaning of 
the United States Private Securities Litigation Reform Act of 1995 and 
forward-looking information within the meaning of applicable Canadian 
securities laws (collectively, "forward-looking statements") relating, but not 
limited to, the Company's expectations, intentions and beliefs (including, 
without limitation, statements regarding, the Bridge Loan (including the 
timing of advances thereunder and the terms thereof), the Company's financial 
position, financial alternatives and the Company's ability to continue 
operations and the VTB Facility (including the occurrence of an event of 
default thereunder and its potential effect on the Company)). Words such as 
"may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" 
and similar terminology are used to identify forward-looking statements. Such 
statements are based on assumptions, estimates, opinions and analysis made by 
the management of the Company in light of their experience, current conditions 
and their expectations of future developments as well as other factors which 
they believe to be reasonable and relevant. Forward-looking statements involve 
known and unknown risks, uncertainties and other factors that may cause actual 
results to differ materially from those expressed or implied in the 
forward-looking statements. Risks and uncertainties that may cause actual 
results to vary include but are not limited to: the Company's inability to 
obtain additional financing on acceptable terms or at all; the Company's 
inability to obtain TSX approval of the Bridge Loan in a timely manner or at 
all; the Company's ability to negotiate a waiver or agreement with VTB Capital 
in respect of the event of default under the VTB Facility; changes in equity 
and debt markets; inflation; uncertainties relating to the availability and 
costs of financing needed to complete exploration, development and production 
activities; failure to establish estimated mineral resources or mineral 
reserves (the Company's mineral resource and mineral reserve figures are 
estimates and no assurances can be given that the indicated levels of gold 
will be produced); exploration costs varying significantly from estimates; 
delays in the exploration and development of, and/or commercial production 
from, the properties in which the Company has an interest; unexpected 
geological or hydrological conditions; the speculative nature of mineral 
exploration and development, including the uncertainty of reserve and resource 
estimates; operational and technical difficulties, including the failure of 
major mining and/or milling equipment; the ability of the Company to service 
its existing debt facilities; fluctuations in gold and other commodity prices; 
the existence of undetected or unregistered interests or claims, whether in 
contract or in tort, over the property of the Company; success of future 
exploration and development initiatives; competition; operating performance of 
facilities; environmental and safety risks, including increased regulatory 
burdens, seismic activity, weather and other natural phenomena; inability to, 
or delays in, obtaining necessary permits and approvals from government 
authorities; risks relating to labour; and other exploration, development and 
operating risks; changes to and compliance with applicable laws and 
regulations, including environmental laws; political, economic and other risks 
arising from the Company's activities in Russia; fluctuations in foreign 
exchange rates; and those risks set out in the Company's public documents 
filed on SEDAR. Although the Company believes that the assumptions and factors 
used in preparing the forward-looking information are reasonable, undue 
reliance should not be placed on such information, which only applies as of 
the date of this news release, and no assurance can be given that such events 
will occur in the disclosed time frames or at all.

Any forward-looking statement speaks only as of the date on which it is made 
and, except as may be required by applicable laws, the Company disclaims any 
intent or obligation to update any forward-looking statement, whether as a 
result of new information, future events or results or otherwise. Although the 
Company believes that the assumptions inherent in the forward-looking 
statements are reasonable, forward-looking statements are not guarantees of 
future performance and accordingly undue reliance should not be put on such 
statements due to the inherent uncertainty therein.

White Tiger Gold Ltd. Jim McBurney Chief Executive 
Officerinfo@whitetigergold.com

SOURCE: White Tiger Gold Ltd.

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/April2013/02/c9771.html

CO: White Tiger Gold Ltd.
ST: Ontario
NI: MNG 2575 WNEWS 

-0- Apr/02/2013 11:52 GMT


 
Press spacebar to pause and continue. Press esc to stop.