QMX Gold Corporation and Northern Sun Mining are extending the proposed acquisition by Northern Sun of the Snow Lake property. The closing is now expected to occur on or before September 30th.
In connection with the extension of the sale QMX is negotiating with Third Eye Capital to extend the existing bridge loan facility to September 30th. As a condition of the extension Third Eye requires that QMX sell a block of 7 million escrowed and free trading shares held by QMX in Falco Pacific Resource Group in order to reduce the principal and interest outstanding on the bridge loan facility.
The closing of the Snow Lake sale also remains subject to a number of conditions including receipt of all necessary government and regulatory approvals in Canada and China, completion of due diligence and Northern Sun securing the finances necessary to complete the acquisition.
