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CALGARY, ALBERTA--(Marketwired - May 17, 2016) - Antioquia Gold Inc. ("Antioquia" or the "Company") (TSX VENTURE:AGD) announces today that it has entered into an agreement to settle CAD$5,900,000 of debt under an existing term loan with Infinita Prosperidad Minera SAC (formerly Desafio Minero) ("Infinita"), the Company's largest shareholder. Pursuant to the agreement, Antioquia will issue 84,285,714 common shares at a deemed price of $0.07 per share. Prior to the shares for debt transaction, Infinita owned and controlled 147,868,346 common shares, representing approximately 61% of the issued and outstanding common shares of the Company. After this transaction, Infinita will own and control 232,154,060 common shares, representing 72% of the issued and outstanding common shares of the Company. The shares for debt transaction is subject to the approval of the TSX Venture Exchange. |
