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Rye Patch Signs Agreement to Acquire Florida Canyon Gold Mine and Commitment Letter for a US$27 Million Credit Facility for Mine Restart

May 25, 2016 - releases
Rye Patch Signs Agreement to Acquire Florida Canyon Gold Mine and Commitment Letter for a US$27 Million Credit Facility for Mine Restart

Rye Patch Gold Corp. (V.RPM)) is pleased to announce that it has signed a definitive agreement to acquire 100% ownership of the Florida Canyon gold mine (with the Standard gold mine) located in Pershing County, Nevada, for total consideration of US$15 million in cash and 20,000,000 common shares of the Company payable at closing, subject to adjustment for outstanding liabilities, plus certain contingent payments . The Company has also signed a commitment letter for a US$27 million credit facility with Macquarie Bank Limited to fund the proposed redevelopment of the Florida Canyon mine. read more

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