Mill City has received written communication from Barclays Bank PLC, Singapore ("Barclays"), that it is prepared to act as agent in connection with the Offering on a best efforts basis and the Company anticipates entering into a written agreement with Barclays in the near future.
Proceeds of the Offering will be used to finance the purchase of up to a 75% working interest in the North East Tanjung Block (as previously announced by the Company on
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals. In addition, the Offering, together with the Purchase, may be considered a "reverse takeover" under the policies of the
ON BEHALF OF THE BOARD OF DIRECTORS
Caution Concerning Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements relating to the plans for completion of the acquisition of an interest in the North East Tanjung Block project, for entering into a definitive agreement in respect of such acquisition; the terms of the proposed Offering and the potential involvement of Barclays in the Offering; timing, availability and amount of financing; expected use of proceeds; business objectives; and the potential success of the foregoing. In disclosing forward-looking information in this news release, the Company has applied several material assumptions, including, but not limited to: that the Offering will be completed on the terms disclosed in this news release; that certain of the Company's key objectives will proceed and can be completed at the cost and within the timing expected; that general business and economic conditions will not change in a materially adverse manner and that all necessary approvals will be obtained in a timely manner and on acceptable terms. Forward looking information includes statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in such statements, including, without limitation: the risk that the Purchase and/or the Offering, will not be approved by the
FOR FURTHER INFORMATION PLEASE CONTACT:
Mill City Gold Corp. James R. BrownChairman, President & CEO 403-640-0110 www.millcitygold.com Source: Mill City Gold Corp.