BOISE, IDAHO:May 25, 2018 - Gold Torrent Canada, Inc. announced that it was unable to complete the first stage financing by having Cdn$6 million in the escrow account by May 15, 2018. The company had completed 60% of the required amount. Under the terms of the subscription agreements, Gold Torrent was obligated to return the escrow funds to the investors. As of today, all escrow funds have been returned to the subscribers.
Gold Torrent Canada was undertaking a non-brokered private placement by way of subscription agreement in 2 stages with the first stage requiring a minimum of Cdn$6 million by May 15, 2018 and stage 2 targeting a raise requiring a minimum of Cdn$8 million by September 30, 2018. Cartesian Royalty Holdings (CRH), the current stream investor, had agreed to extend the $6 million tranche 2 drawdown date to September 30, 2018 provided that the first stage of funds was raised by May 15, 2018. CRH hold a full security interest in all of Gold Torrent’s assets under a deed of trust.
About Gold Torrent, Inc.
Gold Torrent is an exploration and development company with a key project located in Alaska, USA. Gold Torrent's priority is to develop and advance the Lucky Shot Gold Project, ultimately resulting in gold production, and an increase in value for shareholders. Gold Torrent continues to pursue high-grade gold opportunities in safe mining jurisdictions. www.goldtorrentinc.com.
This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.
Forward Looking Statements: This news release contains forward-looking statements regarding future events and Gold Torrent's future results that are subject to the safe harbors created under the U.S. Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and applicable Canadian securities laws. Forward-looking statements include, among others, estimates of resources. These statements are based on current expectations, estimates, forecasts, and projections about Gold Torrent's exploration projects, the industry in which Gold Torrent operates and the beliefs and assumptions of Gold Torrent's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, potential changes to royalties and taxes imposed by the Alaska government and other matters discussed under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2017, and our other periodic and current reports filed with the SEC and available on www.sec.gov. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made.