GOLD TORRENT TRANSFER'S ITS 70% INTEREST IN ALASKA GOLD TORRENT,LLC TO CARTESIAN IN EXCHANGE FOR DEBT AND RELEASE FROM ALL LIABILITIES
On June 27, 2018, Gold Torrent, Inc and Gold Torrent (Canada) Inc. ("GT") received (i) a Notice of Default by Alaska Gold Torrent, LLC ("AGT") under the Gold and Silver Prepayment Agreement, (ii) a Notice of Default by Gold Torrent, Inc. and Gold Torrent (Canada) Inc. under the Secured Convertible Preferred Note, and (iii) a Notice of Default to Guarantor under the Guarantee by Gold Torrent, Inc. and Gold Torrent (Canada) Inc.
After a full assessment, including with the JV Partner, and given the lack of access to new funding, the decision was made to transfer AGT to Cartesian in exchange for their assumption of GT’s $8.7 mm in debt. Pursuant to a June 30, 2018 Membership Transfer and Assignment Agreement, GT has now transferred its 70% ownership in AGT LLC, to CRH Funding II Pte. Ltd. for the consideration of CRH Funding II Pte. Ltd. assuming all of the existing obligations of GT under the AGT LLC Operating Agreement and releasing GT from all existing liability on such assumed obligations and any new obligations arising after the date of transfer. The transfer is in GT’s best interest and allows the company to clean up its balance sheet and move on without debt to new opportunities.
Please note that Ryan Hart resigned as President and Director, effective June 30, 2018 and Pat Okita, Cartesian’s appointed Director, naturally resigned as Director as of June 30, 2018.
About Gold Torrent, Inc.
Gold Torrent is a private mineral exploration company with an experienced management team and a priority to acquire new prospects and create value for shareholders through exploration and prospect generation.