White Tiger announces US$2.5 million interim loan
TORONTO, ONTARIO–(Marketwire – June 13, 2012) – White Tiger Gold Ltd. ("White Tiger" or the "Company") (TSX:WTG) announced today that it has received a US$2.5 million interim loan (the "Interim Loan") from Kirkland Intertrade Corp., a company beneficially owned, directly or indirectly, by Mr. Maxim Finskiy, the Executive Chairman, a director, a creditor and the controlling shareholder of White Tiger.
The Interim Loan is unsecured, matures on September 7, 2012 and bears interest at 15% per annum. The Interim Loan will be used to support capital development at White Tiger's Savkino and Nasedkino projects in Russia, pending the advance of the second US$40 million tranche of the Company's senior secured term loan facility with VTB Capital plc (the "VTB Facility"). The second tranche of the VTB Facility will be advanced to White Tiger following the satisfaction of certain conditions, including the completion of an updated National Instrument 43-101 technical report on the Nasedkino project. The updated technical report is expected to be completed in the third quarter of 2012.
The Interim Loan does not form part of the proposed loan transactions described in White Tiger's May 11, 2012 and May 25, 2012 press releases. The White Tiger board of directors is continuing to review financing alternatives to ensure the successful development of its Russian assets, and the Company expects to make a determination regarding its financing plans in the coming days, following which a further press release will be issued.
About White Tiger
White Tiger is a TSX-listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.
Caution Concerning Forward-Looking Information
This press release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, White Tiger's expectations, intentions and beliefs (including, without limitation, statements regarding, the use of proceeds from the Interim Loan, the completion of an updated National Instrument 43-101 technical report on the Nasedkino project (including the expected timing thereof) and White Tiger's financing plans. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward-looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by the management of White Tiger in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: White Tiger's failure to complete an updated National Instrument 43-101 technical report on the Nasedkino project within the expected timing or at all, and those risks set out in White Tiger's public documents filed on SEDAR. Although White Tiger believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, White Tiger disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although White Tiger believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.