Ready Set Gold to receive early repayment of US$1.3M convertible debt and appoints Peter Simeon to its board

Ready Set Gold Corp (CSE:RDY) (OTCPINK:RDYFF) (FRA:0MZ) announced it has successfully negotiated the early repayment of about US$1.3 million in convertible debt owed to the company by Dreamfields Brands Inc. 

Ready Set Gold said the debt will be settled in six payments beginning in June 2021, with the final payment to be received in late October 2021. 

“The funds received will be applied to the exploration of our Ontario gold exploration projects and for working capital purposes,” Ready Set Gold CEO Christian Scovenna said in a statement. 

READ: Ready Set Gold hits gold mineralization in every hole of phase 1 drilling at its Northshore project in Ontario 

“As per the nature of the transaction, this US$1.26 million funds will be for the benefit of our shareholders while being non-dilutive to the capital structure. We thank the management of Dreamfields Brands for working with us closely to come to a mutually beneficial agreement,” Scovenna added.

The company said the note had originally been issued by Ready Set Gold’s predecessor company Omni Commerce Corp in August 2019 and remained as debt outstanding to the company post change of business.

As well, Ready Set Gold announced the appointment of Peter Simeon to its board of directors effective immediately. Simeon has more than 18 years of experience as a lawyer focused on securities, corporate finance, and mergers and acquisitions.

Simeon was also granted 200,000 incentive stock options for five years at a price of $0.25, which will be equally vested quarterly over one year from the grant date. 

The company added that Jason Jessup and John Veltheer have resigned from the company’s board.

Ready Set Gold owns a 100% interest in the Northshore Gold Property, which is located in the Schreiber-Hemlo Greenstone Belt near Thunder Bay and is considered one of Ontario’s largest undeveloped prospective gold projects.

A National Instrument (NI) 43-101 compliant Mineral Resource Estimate done by GTA Resources on Northshore in 2014 showed 391,000 Indicated gold ounces grading 0.99 grams per tonne (g/t) along with 824,000 Inferred ounces of gold at 0.87 g/t, using a cut-off grade of 0.50 g/t gold.

Contact Sean at [email protected]

Story by ProactiveInvestors