VANCOUVER, Jan. 30, 2013 /PRNewswire/ - Veris Gold Corp. (TSX: VG) (OTCQB: YNGFF) (Frankfurt Xetra Exchange: NG6A) ("VG" or the "Company"), announces today that Whitebox Advisors LLC ("Whitebox") has exercised its option to amend the exercise price of the Whitebox Warrants (as defined below) from $3.00 (on a post-consolidated basis) to $1.95, subject to the approval of the Toronto Stock Exchange. No other provisions of the Whitebox Warrants will be amended and none of the Whitebox Warrants are held directly or indirectly by insiders of the Company. The amendment to the exercise price of the Whitebox Warrants will be effective as of ten trading days from the date of this release.
Whitebox was issued, on a post-consolidated basis, 1,333,333 common share purchase warrants (the "2nd Tranche Warrants") pursuant to the July 2012 second tranche private placement of CDN$4,000,000 in unsecured convertible debentures and on a post-consolidated basis, 133,333 common shares of the Company.
Whitebox was also issued, on a post-consolidated basis, 669,568 common share purchase warrants (the "3rd Tranche Warrants", together with the 2nd Tranche Warrants, the "Whitebox Warrants") pursuant to Whitebox's October 2012 exercise of option and placement of CDN$2,00,000 principal amount of additional unsecured convertible debentures and on a post-consolidated basis, 66,956 common shares of the Company. Each Whitebox Warrant entitles the holder thereof to purchase one common share in the capital of the Company. The 2nd Tranche Warrants and 3rd Tranche Warrants will expire in July and October 2015 respectively.
Veris Gold Corp. is a growing mid-tier North American gold producer in the business of developing and operating gold mines in geo-politically stable jurisdictions. The Company's primary asset is the permitted and operating Jerritt Canyon gold mine located 50 miles north of Elko, Nevada, USA. The Company also holds a diverse portfolio of precious metals properties in British Columbia and the Yukon Territory, Canada, including the former producing Ketza River mine. The Company's focus has been on the re-development of the Jerritt Canyon mining and milling facility.If you would like to receive press releases via email please contact firstname.lastname@example.org and specify "Veris Gold Corp. releases" in the subject line. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.