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Sage Gold Appoints New CFO

Mineral explorer Sage Gold (CVE:SGX) announced Wednesday the appointment of Ron Reed, MBA CGA, as chief financial officer.

Reed replaces Art Hampson, who has retired after six years of service.

"We are pleased to welcome Mr. Reed to Sage and our management team," said Sage's president and CEO, Nigel Lees.

"This most recent appointment continues to represent our ability to attract leading professionals with industry experience highly relevant to the future development of Sage."

Sage has primary interests in near-term production and exploration properties in Ontario.

Its main properties are the Clavos Gold deposit in Timmins and the Lynx deposit and other exploration properties in the Beardmore-Geraldton Gold Camp.

The company reported in May that it had executed a $1.0 million principal amount convertible debt financing, and the first tranche of a private placement for $403,500.

Sage said that the debt financing, through a non-binding term sheet with Waterton Global Value, L.P., will be used for pre-production expenses to advance its Clavos gold deposit in Timmins, Ontario.

The private placement was made through the sale of flow-through share units and common share units.

The company said the convertible debt and equity financings will be used for the completion of its earn for a 60 per cent interest, a new NI 43-101 compliant resource study, a preliminary economic assessment, a new closure plan and working capital at the Clavos deposit.

The convertible debt will have a term of two years, accrue interest at an annual rate of 9.5 percent and is convertible at the holder's option into common shares of Sage at a price of $0.072 per share.

The debt will be secured by Sage's 60 per cent interest in the Clavos deposit, and all of the company's other assets.

Sage said in May it was in the final stage of completing a 60 per cent earn in interest in the Clavos property, having completed the $3 million dollar expenditure requirement. It is required to pay $40,000 in cash and issue $40,000 worth of common shares and replace the $250,000 closure bond to complete the earn in.