Sage Gold to sell interest in Clavos project to repay Waterton
Sage Gold Inc (TSX.V: SGX) has granted an option to Abbey Gold Corp to acquire Sage's 60 percent interest in the Clavos gold project in Timmins, Ontario. The asset purchase price is $4.3 million. The Toronto-based mineral exploration and development company said the proceeds will repay its senior secured debt facility with Canadian mining private equity firm Waterton Global Resource Management, with the balance being used for working capital. Going forward, Sage will focus on investing in its Lynx property in the Beardmore Geraldton Gold Camp, also in northern Ontario.
16 December 2014•5 mins read
