DENVER, Feb. 14, 2014 /CNW/
- Vista Gold Corp. (TSX & NYSE MKT: VGZ) ("Vista" or the
"Company") today announced that it has completed the previously
announced sale of 16,000,000 common shares (the "Offered Midas
Shares") of Midas Gold Corp. ("Midas") for gross proceeds of
Cdn$12.8
million.
In addition, as required under the terms of its loan facility
granted by Sprott Resource Lending Partnership, the Company used
proceeds to pay down its loan by approximately Cdn$5.5 million,
resulting in an outstanding balance of approximately US$1.7 million. The
remainder of the proceeds will be used for general corporate
purposes.
Vista currently holds, directly and indirectly through Vista US,
an aggregate of 15,802,615 common shares of Midas, representing
approximately 12.4% of the outstanding common shares of Midas.
Vista has agreed not to sell any of these shares of Midas for a
period of 12 months.
About Vista Gold Corp.
Vista's principal assets include its flagship Mt. Todd gold
project in Northern Territory, Australia,
and a 12.4% holding in Midas. In addition to non-core projects in
Mexico and California,
Vista holds royalty interests in projects in Bolivia and
Indonesia.
Forward Looking Statements
This press release contains forward-looking statements within
the meaning of the U.S. Securities Act of 1933, as amended, and
U.S. Securities Exchange Act of 1934, as amended, and
forward-looking information within the meaning of Canadian
securities laws. All statements, other than statements of
historical facts, included in this press release that address
activities, events or developments that Vista expects or
anticipates will or may occur in the future, including such things
as the use of the proceeds from the sale of the Offered Midas
Shares and other such matters are forward-looking statements and
forward-looking information. The material factors and assumptions
used to develop the forward-looking statements and forward-looking
information contained in this press release include the following:
approved business plans, anticipated and estimated costs and budget
expenditures to continue to optimize and advance the Company's core
assets, the perceived extent and duration of the current weakness
of gold equity securities and other such matters. When used in this
press release, the words "optimistic," "potential," "indicate,"
"expect," "intend," "hopes," "believe," "may," "will," "if,"
"anticipate," "would," "could," and similar expressions are
intended to identify forward-looking statements and forward-looking
information. These statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Vista to be materially different
from any future results, performance or achievements expressed or
implied by such statements. Such factors include, among others,
uncertainty of the completion and size of the Offering, risks
associated with market conditions, uncertainty of resource
estimates, estimates of results based on such resource estimates;
risks relating to completing metallurgical testing; risks relating
to cost increases for capital and operating costs; risks related to
the timing and the ability to obtain approval of the environmental
impact statement and the necessary permits for the Mt. Todd gold
project, risks of shortages and fluctuating costs of equipment or
supplies; risks relating to fluctuations in the price of gold; the
inherently hazardous nature of mining-related activities; potential
effects on Vista's operations of environmental regulations in the
countries in which it operates; risks due to legal proceedings;
risks relating to political and economic instability in certain
countries in which it operates; as well as those factors discussed
under the headings "Note Regarding Forward-Looking Statements" and
"Risk Factors" in Vista's Annual Report Form 10-K as filed on
March 14,
2013 and other documents filed with the U.S.
Securities and Exchange Commission and Canadian securities
regulatory authorities. Although Vista has attempted to identify
important factors that could cause actual results to differ
materially from those described in forward-looking statements and
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. Except as
required by law, Vista assumes no obligation to publicly update any
forward-looking statements or forward-looking information; whether
as a result of new information, future events or otherwise.
For further information, please contact Connie Martinez
at (720) 981-1185.
SOURCE Vista Gold Corp.