https://globenewswire.com/news-release/2018/07/16/1537979/0/en/Sage-Gold-Provides-Status-Report.html

Sage Gold Provides Status Report

 

 

TORONTO, July 16, 2018 (GLOBE NEWSWIRE) -- Sage Gold Inc. (“Sage Gold” or the “Company”) (TSX-V:SGX) reports that an application was issued on July 10, 2018 in the Ontario Superior Court of Justice against the Company.  The applicant, CRH Funding II Pte. Ltd. (“CRH”), is seeking a court order appointing a receiver over the assets of Sage Gold, alleging that Sage Gold has failed to fulfill its gold delivery obligations to CRH.  

An interim receiver was appointed by the court on July 13, 2018 with powers expressly limited to the protection and preservation of Sage Gold’s assets. The application for the appointment of a permanent receiver is scheduled to proceed on July 30, 2018.  Sage Gold has disputed the allegations contained in the Application Record, and management intends to defend against the appointment of a receiver.