LAS VEGAS, NV, United States, via ETELIGIS INC., 07/24/2015 – – Rimrock Gold Corp. (the “Company”) (OTC Pink: RMRK) (PINKSHEETS: RMRK), is pleased to announce that it has entered into a Convertible Note Purchase and Assignment Agreement (the “Agreement”) with Redwood Fund, LP (“Redwood”) and TJC Trading, LLC (“TJC”). Redwood owns and holds all right, title and interest in and to a convertible note, dated April 14, 2014 and amended on September 30, 2014, issued by the Company in the original principal amount of $100,000 which bears interest at the rate of 12% per annum (the “2014 Note”). Pursuant to the Agreement, TJC purchased from Redwood $10,000 of the 2014 Note, consisting of $10,000 principal amount plus 10% of the entirety of the accrued and unpaid interest since April 14, 2014 (the “First Tranche”), for a purchase price of $10,000. TJC shall have an exclusive option, which terminates 120 days after the closing of the First Tranche, to purchase tranches of the balance of the Note, and each tranche shall consist of $10,000 of principal plus 10% of the entirety of the accrued and unpaid interest since April 14, 2014. The purchase price for each additional tranche shall be $10,000. The First Tranche was closed on July 15, 2015. The Company issued to TJC a Replacement Convertible Promissory Note in the principal amount of $10,000, at the interest rate of 15% per annum.
Additionally, on July 15, 2015, the Company issued to TJC a Convertible Promissory Note in the principal amount of up to $200,000, at the interest rate of 15% per annum. The maturity date for the note shall be six (6) months from the effective date of each payment. As of the date hereof, the Company has received an initial tranche of $10,000 from TJC under the note.
The Company would also like to announce that KBM Worldwide’s Note #1 dated 8/25/14 for $88,500, Note #2 dated 10/1/14 for $42,500, and Note #3 dated 12/30/14 for $33,000 have all been retired. In addition, Gold Coast Capital’s Note #1 dated 3/21/15 for $50,000 has also been retired.
In a challenging natural resource environment, Rimrock Gold’s objective is to weather the storm and to ensure that the Company maintains its mining claims in Elko County Nevada. We believe these claims, which represents over 13,000 acres and next to some of the most prolific mines in Nevada to be valuable assets. The goals of the company are to secure our claims as well as to continue the work performed on the properties in an effort to prove up a significant resource. In a tough environment for gold junior exploration companies, management will continue to do what is best for the company and its shareholders.
Rimrock Gold Corp. holds a 100% interest in the large 11,480 acre Silver Cloud Property, subject to existing third party NSR royalties. More than $2.4 million in exploration expenditures were made on Silver Cloud since 2003. Prior to that, Placer Amex, Newmont, Teck, and Placer Dome also conducted substantial exploration drilling on several gold-silver targets at Silver Cloud.
Rimrock Gold is a diversified mineral exploration company focused on identifying, acquiring, advancing, and drilling high-grade gold-silver metal exploration projects in Nevada. The company is managed by experienced and successful board members and advisors. The Company’s main exploration assets comprise a 100% interest in the Rimrock, Ivanhoe Creek, Silver Cloud, and Pony Spur gold-silver properties in Nevada. For further information and technical data on Rimrock Gold’s various projects, please visit the Company’s website at www.rimrockgold.com.
The Company’s Vice President of Exploration, Richard R. Redfern, M.Sc., a Certified professional Geologist and ‘qualified person’ for the purposes of Canada’s National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.
Certain statements in this document that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate, "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Rimrock Gold Corp. to be materially different from those expressed or implied by such forward-looking statements. The Company’s future operating results are dependent upon many factors, including but not limited to: (i) the Company’s ability to obtain sufficient capital or a strategic business arrangement to fund its current operational or expansion plans; (ii) the Company’s ability to build and maintain the management and human resources and infrastructure necessary to support the anticipated growth of its business; (iii) competitive factors and developments beyond the Company’s control; and (iv) other risk factors discussed in the Company’s periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings".
Rimrock Gold Corp.
Jordan Starkman, CEO
SOURCE: Rimrock Gold Corp.