La Ronge Closes Private Placement and Amends Preview SW Option Agreement with
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/17/13 -- La Ronge
Gold Corp. (TSX VENTURE:LAR) (the "Company") is pleased to announce
the closing of the private placement (the "Offering") announced on
June 12, 2013. Pursuant to the Offering, the Company has issued
1,000,000 flow-through common shares at a price of $0.20 per share
for gross proceeds of $200,000.
In connection with the closing, the Company paid finder's fees
consisting of cash in the amount of $18,000 and finder's warrants
exercisable to acquire up to 40,000 common shares of the Company at a
price of $0.24 per share for a period of 12 months.
The proceeds of the placement will be used by the Company to incur
eligible Canadian Exploration Expenses, as defined by the Income Tax
Act (Canada). The securities sold pursuant to the Offering are
subject to a four month hold period, expiring on October 18, 2013.
The Company also announces that it has amended its property option
agreement (the "Option Agreement") dated September 22, 2011, with
North-Sask. Ventures Ltd. to accelerate and immediately acquire a
100% interest in the Pap-Preview claims located in the Lac La Ronge
area of Saskatchewan.
In addition to $35,000 already paid, 300,000 common shares already
issued and $1.5 million in expenditures already incurred, the Company
will pay $40,000 and issue 800,000 common shares to accelerate its
100 % earn-in. The Company will grant a 2.5% NSR of which an initial
1% may be purchased for $1 million and the remaining 1.5% for $2
million at any time prior to a production decision. All prior
conditional payments have been replaced with the following
obligations: (i) payment of $60,000 upon receipt of a positive
feasibility study and (ii) issuance of 625,000 common shares upon
making a production decision. The amendment is subject to the
approval of the Exchange.
The Company has also made application to the TSX Venture Exchange to
extend the expiry date of 3,261,665 share purchase warrants expiring
June 22, 2013 (the "Warrants"), for an additional year to June 22,
2014. The Warrants were originally issued to subscribers pursuant to
a private placement which closed on June 22, 2011. The Warrants
originally provided for each Warrant to be exercisable into a common
share of the Company at a price of $0.30 for a period of two years.
There will be no change in the exercise price.
About La Ronge Gold Corp.
La Ronge Gold is a Vancouver-based rapidly advancing gold-resource
growth and development company, focused on the expansion of
high-grade gold deposits in one of Canada's emerging gold producing
regions, the La Ronge Gold Belt, northern Saskatchewan. The Company
has significant land positions (52,932 Ha. or 131,000 acres) in the
region. The Company also holds other gold projects located in
Doug Turnbull, P.Geo, has read the technical information in this news
For more information about La Ronge Gold Corp., please go to
Rasool Mohammad, B.Sc. (Mining), President & CEO
This News Release includes forward-looking information and
statements, which may include, but are not limited to, information
and statements regarding or inferring the future business,
operations, financial performance, prospects and other plans,
intentions, expectations, estimates, and beliefs of the Company.
Information and statements which are not purely historical fact are
forward-looking statements. Forward-looking information and
statements involve and are subject to assumptions and known and
unknown risks, uncertainties, and other factors which may cause
actual events, results, performance, or achievements of the Company
to be materially different from future events, results, performance,
and achievements expressed or implied by forward-looking information
and statements herein. Although the Company believes that any
forward-looking information and statements herein are reasonable, in
light of the use of assumptions and the significant risks and
uncertainties inherent in such information and statements, there can
be no assurance that any such forward-looking information and
statements will prove to be accurate, and accordingly readers are
advised to rely on their own evaluation of such risks and
uncertainties and should not place undue reliance upon such
forward-looking information and statements. Any forward-looking
information and statements herein are made as of the date hereof, and
except as required by applicable laws, the Company assumes no
obligation and disclaims any intention to update or revise any
forward-looking information and statements herein, or to update the
reasons that actual events or results could or do differ from those
projected in any forward-looking information and statements herein,
whether as a result of new information, future events or results, or
otherwise, except as required by applicable laws.
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.
La Ronge Gold Corp.
(604) 685-3765 (FAX)
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