sage gold inc (SGGDF) Key Developments
Sage Gold Inc. Extends Debt Facility
Oct 1 15
On September 30, 2015, Sage Gold Inc. entered into an amending agreement with its senior lender, Waterton Global Value, L.P., pursuant to which the maturity date of the Company's secured term debt facility has been extended from October 15, 2015 to April 15, 2016, with an option to further extend the Facility to October 15, 2016. The Company will pay an extension fee of CAD 40,841 to Waterton on the First Extension Date, unless it exercises its option to further extend the Facility, in which case the Fee will be increased to CAD 102,102, payable on the Second Extension Date. All other material terms and conditions of the Facility remain unchanged. The total amount outstanding under the Facility is approximately CAD 2.1 million inclusive of principal, accrued interest and fees payable to date. The annual interest rate of the Facility is 12%.
Sage Gold, Inc., Annual General Meeting, Sep 17, 2015
Jul 13 15
Sage Gold, Inc., Annual General Meeting, Sep 17, 2015., at 11:00 US Eastern Standard Time. Location: DSA Corporate Services Inc., 36 Toronto Street. Agenda: To receive and consider the audited consolidated financial statements of the company for the years ended September 30, 2014 and 2013 and the reports of the auditors thereon; to elect directors of the company for the ensuing year; to appoint PricewaterhouseCoopers LLP, Chartered Accountants, as auditors of the company for the upcoming year and to authorize the directors to fix their remuneration; to approve the incentive stock option plan as more particularly described in the management information circular of the company dated August 7, 2015; and to transact such other business as may properly come before the meeting or any adjournment or adjournments thereof.
Sage Gold Inc. Announces Plans for a Comprehensive Exploration and Development Program at Onaman Polymetallic Property
Apr 22 15
Sage Gold Inc. announced that plans for a comprehensive exploration and development program at the company's 100% owned ONAMAN polymetallic property are underway. Located just over 3 hours northeast of Thunder Bay, Ontario and accessible on maintained roads year-round, the Onaman hosts several base and precious metal occurrences and significant mineralized zones in what appears to be a classic Mattabi-type submarine volcanic-hosted massive sulfide setting. Foremost among them is the Lynx copper-silver-gold deposit, with an Inferred Resource of 1,936,000 metric tonnes averaging 1.44% copper, 39.6 grams per tonne silver and 0.58 g/t gold. The Lynx deposit has not been fully delineated by drilling and remains open in both directions and at depth. Situated roughly 200 meters stratigraphically above Lynx is the Headway deposit, hosting a Historical Resource of 739,400 tonnes averaging 3.15% zinc and 31 g/t silver. Lead and gold mineralization was also historically documented here. Whereas Headway is hosted mostly in submarine felsic volcanics (tuffs), Lynx is hosted in the underlying mafic flows; the area in between has never been drilled despite mineralization having been documented in isolated outcrops in this low-lying intervening area. Sage plans a two-pronged approach to advance the Onaman property. In preparation, the company has commissioned Orix Geoscience Inc. to organize its extensive database into an interactive and accessible 'GIS' format. Concurrently, Sage has commissioned Broad Oak Associates to prepare a Preliminary Economic Assessment of the Lynx deposit and recommend a bulk sampling program, as well as highlight where additional drilling should be undertaken to improve both the quality and quantity of the mineral resource. A drill program at Lynx to accomplish these objectives will follow.
Sage Gold, Inc. Auditor Raises 'Going Concern' Doubt
Jan 28 15
Sage Gold, Inc. filed its Annual on Jan 28, 2015 for the period ending Sep 30, 2014. In this report its auditor, PricewaterhouseCoopers LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Sage Eyes Acquisitions
Jan 26 15
Sage Gold, Inc. (TSXV:SGX) is looking for acquisition opportunities. Nigel Lees, President & Chief Executive Officer of Sage, commented, "On closing, Sage will retain a positive working capital position and an ability to pursue its strategy of acquiring and developing interests in properties that can be advanced toward production within a short time frame. This was successfully employed at Clavos and we believe it confers upon the company substantial upside with modest risk. The 100% owned Lynx polymetallic deposit, located within the Onaman property, fits this strategy and we have already identified additional key properties and assets that could greatly enhance the company's portfolio."