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Article: Luna Gold announces release of funds and shares from escrow.
- Article from:
- Mining & Minerals
- Article date:
- November 6, 2009
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Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce that it has satisfied the conditions set out by Sandstorm Resources Ltd. ("Sandstorm") in the Gold Sales Agreement (the "Agreement") announced on May 15, 2009. As a result the upfront payment of US$17.8 million and 5,500,000 shares of Sandstorm have been released from escrow to the Company.
Jim Bahan, Luna's President, comments: "The release of the Sandstorm funds demonstrates how quickly the Company has advanced the Aurizona Project and we remain on target to start gold production in Q2 2010. The escrowed upfront payment was converted to Brazilian Reais at the time the Agreement was ...