|By Marketwired .||
|May 5, 2014 08:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/05/14 -- Suparna Gold Corp. (TSX VENTURE: SUG) ("Suparna") announces that it has entered into debt settlement agreement with American Bonanza Gold Corp. ("AmBon") and Kerr Mines Inc. ("Kerr"), both companies listed on the Toronto Stock Exchange, with respect to a $1,000,000 principal amount secured, convertible debenture of AmBon previously granted in favour of Suparna.
On April 10, 2014, AmBon and Kerr entered into an arrangement agreement, pursuant to which Kerr will acquire all of the issued and outstanding common shares of Ambon. Each AmBon shareholder will be entitled to receive 0.53 of a common share of Kerr for every one common share of AmBon held. A copy of the arrangement agreement is available under the respective profiles of Kerr and AmBon at www.sedar.com and readers are encouraged to review the terms and conditions relating to the proposed arrangement.
The debt settlement agreement is subject to regulatory approval, to all of the conditions to the arrangement between Kerr and AmBon being satisfied (including requisite shareholder approvals), and to other conditions customary in transactions of this nature. Subject to the satisfaction of these conditions, Suparna has agreed to settle the full amount of the indebtedness owed by AmBon to Suparna in exchange for 43,845,480 common shares of AmBon at a price of $0.025 per share. The common shares of Ambon issued in consideration for the indebtedness will immediately be exchanged into common shares of Kerr in accordance with the terms of the arrangement agreement.
Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the timing and completion of, and the conditions relating to, the debt settlement with AmBon. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the 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.
Suparna Gold Corp.
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