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			8-K Hale Loan Transaction
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			<a name="A001"></a><a name="_GoBack"></a><font style="display: inline;font-weight:bold;font-size:10pt;">UNITED STATES</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;">SECURITIES AND EXCHANGE COMMISSION</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;">WASHINGTON, D.C. 20549</font><font style="display: inline;font-size:10pt;">&nbsp;</font>
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			<font style="display: inline;">_________________ </font>
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			<a name="A003"></a><font style="display: inline;font-weight:bold;">FORM 8-K</font><font style="display: inline;">&nbsp;</font>
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			<a name="A004"></a><font style="display: inline;font-weight:bold;">CURRENT REPORT</font><font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;font-size:10pt;">Pursuant to Section 13 or 15(d) of the </font><br /><font style="display: inline;font-size:10pt;">Securities Exchange Act of 1934 </font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Date of Report: </font><font style="display: inline;font-weight:bold;font-size:10pt;">April 17, 2015</font>
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			<font style="display: inline;font-size:10pt;">(Date of earliest event reported)</font>
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			<a name="A006"></a><font style="display: inline;font-weight:bold;font-size:13.5pt;">MIDWAY GOLD CORP. </font><br /><font style="display: inline;font-weight:bold;font-size:13.5pt;"></font><font style="display: inline;font-size:10pt;">(Exact Name of Registrant as Specified in Charter) </font>
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						<a name="A007"></a><font style="display: inline;font-weight:bold;font-size:10pt;">British Columbia, Canada </font><br /><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">(State or Other Jurisdiction of Incorporation) </font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">001-33894</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">(Commission File Number)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">98-0459178</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-size:10pt;">(IRS Employer Identification No.) </font></p>
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			<a name="A009"></a><font style="display: inline;">&nbsp;</font>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">Point at Inverness, Suite 280</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;">8310 South Valley Highway</font><br /><font style="display: inline;font-weight:bold;font-size:10pt;">Englewood, Colorado</font></p>
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						<font style="display: inline;font-size:10pt;">(Address of principal executive offices)</font></p>
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						<font style="display: inline;font-weight:bold;font-size:10pt;">80112</font></p>
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			<font style="display: inline;font-size:10pt;">Registrant&#x2019;s telephone number, including area code:&nbsp;&nbsp; </font><font style="display: inline;font-weight:bold;font-size:10pt;">(720) 979-0900</font>
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			<a name="A011"></a><font style="display: inline;font-size:10pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: </font>
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						<font style="display: inline;font-size:10pt;"></font><a name="Check1"></a><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;"></font><font style="display: inline;font-size:10pt;"></font></p>
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						<font style="display: inline;font-size:10pt;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
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						<font style="display: inline;font-size:10pt;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></p>
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						<font style="display: inline;font-size:10pt;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></p>
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			<font style="display: inline;font-weight:bold;font-size:10pt;">Item 1.01. Entry into a Definitive Material Agreement</font>
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			<font style="display: inline;font-size:10pt;">On </font><font style="display: inline;font-size:10pt;">April 17, 2015</font><font style="display: inline;font-size:10pt;"> (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Closing Date</font><font style="display: inline;font-size:10pt;">&#x201D;), Midway Gold Corp.&#x2019;s (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Company</font><font style="display: inline;font-size:10pt;"> or &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">our</font><font style="display: inline;font-size:10pt;">&#x201D;) subsidiary MDW Pan LLP, as borrower (&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">MDW</font><font style="display: inline;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-size:10pt;">,</font><font style="display: inline;font-size:10pt;"> entered into a</font><font style="display: inline;font-size:10pt;">&nbsp;</font><font style="display: inline;font-size:10pt;">subordinated</font><font style="display: inline;font-size:10pt;"> credit agreement (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Credit Agreement</font><font style="display: inline;font-size:10pt;">&#x201D;) </font><font style="display: inline;font-size:10pt;">by and among MDW, Hale Capital Partners, L.P.</font><font style="display: inline;font-size:10pt;"> (&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">HCP</font><font style="display: inline;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-size:10pt;">, as administrative agent and collateral agent, HCP-MID, LLC (&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">HCP-MID</font><font style="display: inline;font-size:10pt;">&#x201D;), as a lender, and INV-MID, LLC (&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">INV-MID</font><font style="display: inline;font-size:10pt;">&#x201D; together with HCP-MID are collectively referred to herein as the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Lender</font><font style="display: inline;font-size:10pt;">&#x201D;), as a lender </font><font style="display: inline;font-size:10pt;">(</font><font style="display: inline;font-size:10pt;">MDW</font><font style="display: inline;font-size:10pt;">, HCP, HCP-MID and INV-MID</font><font style="display: inline;font-size:10pt;"> are collectively referred to herein as, the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">parties</font><font style="display: inline;font-size:10pt;">&#x201D;) for the purpose of </font><font style="display: inline;font-size:10pt;">establishing a subordinated secured non-revolving term </font><font style="display: inline;font-size:10pt;">credit facility in favor of MDW in the aggregate amount of $10,500,000 </font><font style="display: inline;font-size:10pt;">(&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;">&#x201D;).&nbsp; </font><font style="display: inline;font-size:10pt;">The transactions related to the </font><font style="display: inline;font-size:10pt;">Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;"> are referred to herein as the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Transaction</font><font style="display: inline;font-size:10pt;">&#x201D;.</font>
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			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Credit Agreement</font>
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			<font style="display: inline;font-size:10pt;">The following description is a summary of the material terms of the Credit Agreement and is qualified in its entirety by reference to the text of the Credit Agreement, which is filed as Exhibit 10.1 hereto. </font>
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				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Interest Rate</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;E</font><font style="display: inline;font-size:10pt;color:#000000;">ach loan made to MDW pursuant to the</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;color:#000000;"> shall bear interest compounded daily on the outstanding principal amount thereof at a rate per annum equal to 13.5%.&nbsp;&nbsp;Interest is payable in kind on each Interest Payment Date (as defined in the Credit Agreement) unless (i) there is Available Cash Flow (as defined in the Credit Agreement) with which to make a cash payment of such interest and (ii) payment in cash is permitted under the Subordination Agreement (as defined herein)</font><font style="display: inline;font-size:10pt;color:#000000;">, in which case HCP may elect in its sole discretion the portion of the interest payment that it wishes to receive in cash.</font></p></td></tr></table></div>
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			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Permitted and Mandatory Prepayments</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW may make voluntary prepayments</font><font style="display: inline;font-size:10pt;color:#000000;"> of principal</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">, provided that the prepayment is accompanied by all accrued interest and </font><font style="display: inline;font-size:10pt;color:#000000;">C</font><font style="display: inline;font-size:10pt;color:#000000;">ommitment </font><font style="display: inline;font-size:10pt;color:#000000;">F</font><font style="display: inline;font-size:10pt;color:#000000;">ees </font><font style="display: inline;font-size:10pt;color:#000000;">(defined below) </font><font style="display: inline;font-size:10pt;color:#000000;">on the amount prepaid and (i) if prepaid before the 180</font><font style="display: inline;font-size:10pt;color:#000000;font-size:5pt;top:-4pt;position:relative;line-height:100%">th</font><font style="display: inline;font-size:10pt;color:#000000;"> day following the Closing D</font><font style="display: inline;font-size:10pt;color:#000000;">ate, the principal amount being prepaid over the aggregate principal amount of the outstanding Loans (excluding in each case, interest and commitment fees added to principal) times 3% of the aggregate amount of the commitments or (ii) if prepaid after that date, that amount plus the net present value (1.5% discount rate) as of the date of such prepayment of the </font><font style="display: inline;font-size:10pt;color:#000000;">E</font><font style="display: inline;font-size:10pt;color:#000000;">ffective </font><font style="display: inline;font-size:10pt;color:#000000;">R</font><font style="display: inline;font-size:10pt;color:#000000;">eturn </font><font style="display: inline;font-size:10pt;color:#000000;">(as defined in the Credit Agreement) </font><font style="display: inline;font-size:10pt;color:#000000;">payments that would have been made on the principal amount being prepaid if such amount had been paid on the maturity date</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;In addition, there are certain mandatory prepayment events, including </font><font style="display: inline;font-size:10pt;color:#000000;">the issuance of Additional Equity (as defined in the Credit Agreement) in an amount sufficient to cause the Cost to Complete Test (as defined in the Credit Agreement) to be satisfied after giving effect to the prepayment of all outstanding amounts under the Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;color:#000000;">, as well as other customary prepayment events relating to receipt of insurance proceeds, condemnation awards and similar matters.&nbsp; </font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Maturity</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-size:10pt;color:#000000;">The Subordinated Debt Facility has a maturity date of September 30, 2017</font><font style="display: inline;font-size:10pt;color:#000000;">; provided that, subject to the Subordination Agreement, unless waived by HDW in its sole discretion, MDW is required to repay the outstanding principal amount of the loans on the Discharge Date (as defined in the Credit Agreement). </font><font style="display: inline;font-size:10pt;color:#000000;"> &nbsp; &nbsp;</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Fees</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW agreed to pay a $200,000 origination fee</font><font style="display: inline;font-size:10pt;color:#000000;"> (the &#x201C;Origination Fee&#x201D;)</font><font style="display: inline;font-size:10pt;color:#000000;">, payable in two equal installments out of the proceeds of the loans on the Initial Funding Date (as defined in the Credit Agreement) and on the date of the Second Borrowing (as defined in the Credit Agreement).&nbsp;&nbsp;In addition, MDW agreed to pay HCP for the account of each of the Lenders a commitment fee (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Commitment Fee</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;) payable in arrears on (i) each Interest Payment Date (as defined in the Credit Agreement) after the date of the&nbsp;&nbsp;Credit&nbsp;&nbsp;Agreement and (ii) the last day of the Availability Period, in each case at a rate of 5% per annum of the average daily unused portion of such Lender&#x2019;s Commitment (as defined in the Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-size:10pt;color:#000000;">, provided, however, that such Commitment Fee shall be payable in kind unless (i) payment in cash is permitted in accordance with the terms of the Subordination Agreement and (ii) there is Available Cash Flow with which to make a cash payment of such fee.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Conditions to Draw</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The Credit Agreement includes customary conditions to the availability of the loans, as described in the Credit Agreement and subject to certain disclosures made in connection with the closing dat</font><font style="display: inline;font-size:10pt;color:#000000;">e and including an obligation of </font><font style="display: inline;font-size:10pt;color:#000000;">MDW and each guarantor to grant to the Lenders a security interest in the same assets subject to a security interest in favor of the Senior Secured Parties (as defined in the Credit Agreement), which grant is subject to the Subordination Agreement.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
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			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Use of Proceeds</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW may use the proceeds of the Credit Agreement to pay for Project Costs (as defined therein) or to make distributions and dividends to the Company.</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font></p></td></tr></table></div>
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				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Covenants</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The Credit Agreement includes customary affirmative and negative covenants for a facility of this type</font><font style="display: inline;font-size:10pt;color:#000000;"> and consistent with the Senior Credit Agreement (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;"> including:</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Courier New;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> o</font>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Liens</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW cannot incur Liens (as defined in the Credit Agreement) on any of its properties, assets or revenues, except for Permitted liens (as defined in the Credit Agreement).</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Courier New;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> o</font>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Indebtedness</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW cannot not incur any other indebtedness other than Permitted Indebtedness</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Courier New;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> o</font>
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		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Certain Changes</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW cannot engage in any business other than the Project</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">, change the Project scope or purpose from the Development Plan (as </font><font style="display: inline;font-size:10pt;color:#000000;">defined</font><font style="display: inline;font-size:10pt;color:#000000;"> in t</font><font style="display: inline;font-size:10pt;color:#000000;">he Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Courier New;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> o</font>
			</p>
		</td><td style="width:1pt;"><p style="width:1pt;width:1pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Dispositions</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW cannot ma</font><font style="display: inline;font-size:10pt;color:#000000;">ke</font><font style="display: inline;font-size:10pt;color:#000000;"> any Disposition (as defined in the Credit Agreement) </font><font style="display: inline;font-size:10pt;color:#000000;">, other than</font><font style="display: inline;font-size:10pt;color:#000000;"> (a)</font><font style="display: inline;font-size:10pt;color:#000000;"> Refined Gold</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;"> or other Saleable Product</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;"> produced at the Mine</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;"> in accordance </font><font style="display: inline;font-size:10pt;color:#000000;">with the Development Plan (b) </font><font style="display: inline;font-size:10pt;color:#000000;">obso</font><font style="display: inline;font-size:10pt;color:#000000;">lete or worn out equipment, (c)</font><font style="display: inline;font-size:10pt;color:#000000;"> equipment or real property (whose proceeds are used to purchase replacement property within 45 days), and</font><font style="display: inline;font-size:10pt;color:#000000;"> (d)</font><font style="display: inline;font-size:10pt;color:#000000;"> immaterial assets in arm&#x2019;s length transactions.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:54pt;"><p style="width:54pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 17.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Courier New;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> o</font>
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			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Investments</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;MDW cannot make any investments except for Cash Equivalents, accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business and investments by MDW in Hedge Agreements permitted under the Risk Management Plan.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Financial Covenants</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;So long as any amounts remain outstanding to </font><font style="display: inline;font-size:10pt;color:#000000;">the Lenders</font><font style="display: inline;font-size:10pt;color:#000000;"> under the </font><font style="display: inline;font-size:10pt;color:#000000;">Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;color:#000000;">, MDW must</font><font style="display: inline;font-size:10pt;color:#000000;"> from and after the end of the Availability Period</font><font style="display: inline;font-size:10pt;color:#000000;"> have a Historical Debt Service Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.00; Prospective Debt Service Coverage (as defined in the Credit Agreement) of not less than 1.25:1.00;</font><font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">Loan Life Coverage Ratio (as defined in the Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-size:10pt;color:#000000;"> of at least 1.30:1.00; Project Life Coverage Ratio (as defined in the Credit Agreement) of at least </font><font style="display: inline;font-size:10pt;color:#000000;">the same ratio required under the Senior Credit Agreement (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">; Reserve Tail (as defined in the Credit Agreement) of at least 25%; Cumulative Recovery Ratio (as defined in the Credit Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">, as of each Quarterly Date between September 30, 2015 and June 30, 2016,</font><font style="display: inline;font-size:10pt;color:#000000;"> equal to at least 90% of the Cumulative Recovery Ratio projected in the Development Plan (as defined in the Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Events of Default</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The </font><font style="display: inline;font-size:10pt;color:#000000;">Subordinated Debt Facility</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">has </font><font style="display: inline;font-size:10pt;color:#000000;">customary events of default</font><font style="display: inline;font-size:10pt;color:#000000;"> consistent with the Senior Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">, including (a) an indebtedness cross-default for the debt of any loan party above a specified threshold; (b) a judgment in respect of any loan party in excess of a specified threshold(if not covered by insurance); (c) a change of control (if the Company mergers or consolidates with any other Person or an agreement by the Company to dispose of the Project or MDW is publicly announced, or if any Person directly or indirectly owning more than 50% of the voting interests of the Company or acquires the right to own or cause the management decisions and policies of the Company or to appoint more than half of the board of directors of the Company); (d) the Project fails to achieve Mechanical Completion (as defined in the Credit Agreement) by a date certain or Economic Completion by a date certain; and (e) the Company&#x2019;s listed stock on the NYSE MKT or any successor stock exchange or the trading of the listed stock is suspended.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Guaranty</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">In connection with the Transaction</font><font style="display: inline;font-size:10pt;"> and the Credit Agreement</font><font style="display: inline;font-size:10pt;">, the Company and certain of its subsidiaries entered into a guaranty (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Guaranty</font><font style="display: inline;font-size:10pt;">&#x201D;) in favor of </font><font style="display: inline;font-size:10pt;">HCP</font><font style="display: inline;font-size:10pt;">, as</font><font style="display: inline;font-size:10pt;"> administrative and</font><font style="display: inline;font-size:10pt;"> collateral agent, whereby the Company and certain of its subsidiaries</font><font style="display: inline;font-size:10pt;"> (collectively, the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Guarantors</font><font style="display: inline;font-size:10pt;">&#x201D;)</font><font style="display: inline;font-size:10pt;"> absolutely, unconditionally and irrevocably guarantees the punctual performance and payment when due of all obligations of MDW under the Credit Agreemen</font><font style="display: inline;font-size:10pt;">t &nbsp;</font><font style="display: inline;font-size:10pt;">and other loan documents.&nbsp; </font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The following description is a summary of the material terms of the Guaranty and is qualified in its entirety by reference to the full text of the Guaranty, which is filed as Exhibit 10.2 hereto. </font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Covenants</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The Guaranty imposes affirmative and negative covenants on the Guarantors similar to those that apply to MDW.&nbsp;&nbsp;The covenants that apply only prior to the Economic Completion Date and the Goshute Challenge Resolution Date (as defined in the Credit Agreement) include</font><font style="display: inline;font-size:10pt;color:#000000;">, but not limited to</font><font style="display: inline;font-size:10pt;color:#000000;">: (a) a limitation on the incurrence of liens and indebtedness similar to the limitations that apply to MDW; (</font><font style="display: inline;font-size:10pt;color:#000000;">b)</font><font style="display: inline;font-size:10pt;color:#000000;"> a limitation on investments similar to those that apply to MDW</font><font style="display: inline;font-size:10pt;color:#000000;">; (c) a limitation on capital expenditures other than those related to the Project (as defined in the Guaranty); and (d) a prohibition on mergers, dissolutions or liquidations</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 0pt 36pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Termination</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;Upon</font><font style="display: inline;font-size:10pt;color:#000000;"> (i)</font><font style="display: inline;font-size:10pt;color:#000000;"> the later of the Economic Completion Date and the Goshute Challenge Resolution Date</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">(the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Release Date</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;)</font><font style="display: inline;font-size:10pt;color:#000000;"> with respect to the Initial Guarantors (as defined in the Guaranty) and Additional Guarantors (as defined in the Guaranty)</font><font style="display: inline;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-size:10pt;color:#000000;"> and (ii) with respect to the Continuing Guarantors (as defined in the Guaranty</font><font style="display: inline;font-size:10pt;color:#000000;">) and</font><font style="display: inline;font-size:10pt;color:#000000;"> all other parties, on the Discharge Date (as defined in the Guaranty).</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font></p></td></tr></table></div>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Subordination Agreement</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">In connection with the Transaction</font><font style="display: inline;font-size:10pt;color:#000000;"> and the Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">, the Company and certain of its subsidiaries entered into a </font><font style="display: inline;font-size:10pt;color:#000000;">subordination</font><font style="display: inline;font-size:10pt;color:#000000;"> agreement (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Subordination</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;"> Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;) by and between </font><font style="display: inline;font-size:10pt;color:#000000;">HCP</font><font style="display: inline;font-size:10pt;color:#000000;">, &nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">Commonwealth Bank of Australia (&#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">CBA</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;)</font><font style="display: inline;font-size:10pt;color:#000000;">, the Company and certain of it</font><font style="display: inline;font-size:10pt;color:#000000;">s subsidiaries </font><font style="display: inline;font-size:10pt;color:#000000;">pursuant to which </font><font style="display: inline;font-size:10pt;color:#000000;">each of the Obligors (as defined in the Subordination Agreement, covenants and agrees that the </font><font style="display: inline;font-size:10pt;color:#000000;">payment of any and all of the Junior Debt (as defined in the Subordination Agreement) is subordinate and subject in right of payment to the prior full payment of the Senior Debt (as defined in the Subordination Agreement)</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp; </font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">The following description is a summary of the material terms of </font><font style="display: inline;font-size:10pt;color:#000000;">Subordination Agreement</font><font style="display: inline;font-size:10pt;color:#000000;"> and is qualified in its entirety by reference to the text of the </font><font style="display: inline;font-size:10pt;color:#000000;">Subordination Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">, which is filed as Exhibit 10.3 hereto.</font>
		</p>
		<p style="margin:0pt 0pt 12pt 36pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Payments and Distributions</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-size:10pt;color:#000000;">In the event of any Proceeding (as defined in the Subordination Agreement) involving any Obligor or any property of any Obligor or any payment or distribution in respect of any such property in any Proceeding: (i) all Senior Debt first shall be Paid in Full (as defined in the Subordination Agreement) before any payment of, or payment or distribution with respect to, </font><font style="display: inline;font-size:10pt;color:#000000;">the Junior Debt shall be made (</font><font style="display: inline;font-size:10pt;color:#000000;">other than a distribution of Reorganization Subordinated Securities (as defined in the Subordination Agreement)) from such Obligor or with respect to its property; (ii) any payment and/or distribution from such Obligor or with respect to its property, whether in cash, property or securities which, but for the terms hereof, otherwise would be payable or deliverable in respect of the Junior Debt (other than a distribution of Reorganization Subordinated Securities), shall be paid or delivered directly to the Senior Collateral Agent (acting on behalf of the Senior Lender) until all Senior Debt is Paid in Full, and Junior Lender irrevocably authorizes, empowers and directs all receivers, trustees, liquidators, custodians, conservators and others having authority in the premises to effect all such payments and/or distributions, and Junior Lender also irrevocably authorizes the Senior Collateral Agent to demand, sue for, collect and receive every such payment or distribution in the name of Senior Lender pursuant to the authority granted herein; and (iii) Junior Lender agrees to execute and deliver to Senior Lender or its representative all such further instruments reasonably requested by Senior Lender or its representative to confirm the authorization referred to in the foregoing clause (ii) (provided, that no such instrument shall require Junior Lender to permit Senior Lender to take any of the foregoing actions in the name of Junior Lender)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Restriction on Action by Junior Lender</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp; </font><font style="display: inline;font-size:10pt;color:#000000;">Until the Senior Debt is Paid in Full, Junior Lender shall not, without the prior written consent of Senior Collateral Agent (acting on the instructions of Senior Lender), take any Collection Action with respect to the Junior Debt, except as permitted in the Subordination Agreement. </font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Post-</font><font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Closing Conditions</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">In connection with the</font><font style="display: inline;font-size:10pt;color:#000000;"> Transaction, </font><font style="display: inline;font-size:10pt;color:#000000;">the Company and certain other subsidiaries of the Company </font><font style="display: inline;font-size:10pt;color:#000000;">will</font><font style="display: inline;font-size:10pt;color:#000000;"> enter into a security agreement</font><font style="display: inline;font-size:10pt;color:#000000;"> (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Security Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;) and</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">certain </font><font style="display: inline;font-size:10pt;color:#000000;">pledge agreement</font><font style="display: inline;font-size:10pt;color:#000000;">s (each, a &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Pledge Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;</font><font style="display: inline;font-size:10pt;color:#000000;"> and collectively, the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Pledge Agreements</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;</font><font style="display: inline;font-size:10pt;color:#000000;">) as post-closing conditions of the Transaction.&nbsp;&nbsp;The Security Agreement and each Pledge Agreement </font><font style="display: inline;font-size:10pt;color:#000000;">are</font><font style="display: inline;font-size:10pt;color:#000000;"> subject to the Subordination Agreement.&nbsp;&nbsp;The following description is a summary of the material terms </font><font style="display: inline;font-size:10pt;color:#000000;">of the Security Agreement and the Pledge Agreements and is qualified in its entirety to the text of the Security Agreement and the Pledge Agreements which will be fil</font><font style="display: inline;font-size:10pt;color:#000000;">ed with the Company&#x2019;s Quarterly Report on Form 10-Q for the quarter ending June 30, 2015.</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt 72pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Security Agreement</font>
		</p>
		<p style="margin:0pt 72pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">Pur</font><font style="display: inline;font-size:10pt;color:#000000;">suant to the Security Agreement </font><font style="display: inline;font-size:10pt;color:#000000;">which will be </font><font style="display: inline;font-size:10pt;color:#000000;">subject at all times to the Subordination Agreement,</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">each of the Grantors</font><font style="display: inline;font-size:10pt;color:#000000;"> (as defined in </font><font style="display: inline;font-size:10pt;color:#000000;">Security Agreement) will</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">grant</font><font style="display: inline;font-size:10pt;color:#000000;"> to </font><font style="display: inline;font-size:10pt;color:#000000;">HCP</font><font style="display: inline;font-size:10pt;color:#000000;"> for the benefit of the Secured Parties (as defined in the Credit Agreement) a security interest in each Grantor&#x2019;s right, title and interest in and the collateral identifi</font><font style="display: inline;font-size:10pt;color:#000000;">ed in the Security Agreement.&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Excluded Assets</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;The following assets </font><font style="display: inline;font-size:10pt;color:#000000;">will be</font><font style="display: inline;font-size:10pt;color:#000000;"> excluded from the security interest: (i) deposits securing the Closing Surety Bonding Contracts (as defined in the Credit Agreement) in an aggregate amount up to $6 million, (ii) the Distribution Account (as defined in the Credit Agreement), (iii) interests of Midway Gold US Inc., or any other Grantor under the Pinyon Agreement (as defined in the </font><font style="display: inline;font-size:10pt;color:#000000;">Senior </font><font style="display: inline;font-size:10pt;color:#000000;">Credit Agreement) or Spring Valley Agreement (as defined in the</font><font style="display: inline;font-size:10pt;color:#000000;"> Senior</font><font style="display: inline;font-size:10pt;color:#000000;"> Credit Agreement, (iv) the interests of MDW Gold Rock LLP or any other Grantor under the Monte Mineral Lease (provided the exclusion ends upon receipt of consent of the Lessor (as defined in the </font><font style="display: inline;font-size:10pt;color:#000000;">Senior </font><font style="display: inline;font-size:10pt;color:#000000;">Credit Agreement) to collateral assignment of such interests to HCP, (v) vehicles or other equipment subject to permitted liens or to the extent that the terms to fund the lease or purchase of such vehicles or equipment prohibit the grant of a security interest to HCP, (vi) and general intangibles to the extent that a grant of a security interest to HCP is prohibited by Applicable Law (as defined in the </font><font style="display: inline;font-size:10pt;color:#000000;">Senior </font><font style="display: inline;font-size:10pt;color:#000000;">Credit Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">)</font><font style="display: inline;font-size:10pt;color:#000000;">.</font></p></td></tr></table></div>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Releases</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp;&nbsp;Upon the Release Date, the pledge and security interests </font><font style="display: inline;font-size:10pt;color:#000000;">will be</font><font style="display: inline;font-size:10pt;color:#000000;"> released on all Grantors, except for MDW and Midway Services Company, which continue until the obligations have been paid in full</font><font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">.</font></p></td></tr></table></div>
		<p style="margin:0pt 72pt 12pt 0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">Pledge Agreement</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">Pursuant to the Pledge Agreements</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">which are</font><font style="display: inline;font-size:10pt;color:#000000;"> subject at all times to the Subordination Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">,</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;"> each pledger will agree to grant HCP a security interest in the equity interests in the pledgor except the Company.&nbsp;&nbsp;</font><font style="display: inline;font-size:10pt;color:#000000;">&nbsp;</font>
		</p>
		<div style="width:100%"><table style="width:100%;" cellpadding="0" cellspacing="0"><tr><td style="width:18pt;"><p style="width:18pt;font-size:0pt;"></p></td><td valign="top" align="left" style="width: 18.00pt; display: inline;">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
				<font style="margin:0pt 0pt 12pt;font-family:Symbol;text-align:justify;text-justify:inter-ideograph;font-size:10pt;;"> &#xB7;</font>
			</p>
		</td><td style="width:0pt;"><p style="width:0pt;width:0pt;font-size:0pt;"></p></td><td align="left" valign="top">
			<p style="text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt;margin:0pt 0pt 12pt;">
			<font style="display: inline;font-size:10pt;text-decoration:underline;color:#000000;">Termination of Pledge</font><font style="display: inline;font-size:10pt;color:#000000;">.&nbsp; Upon the Release Date, HCP will release its security interest in all of the equity interests in the companies and return their respective stock and membership certificates, except for the equity interests a</font><font style="display: inline;font-size:10pt;color:#000000;">nd certificates issued by MDW, </font><font style="display: inline;font-size:10pt;color:#000000;">MDW Pan Holding Corp. and Midway Services Company (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Continuing Collateral</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;).&nbsp;&nbsp;HCP&#x2019;s interests in the Continuing Collateral will continue until the obligations are paid in full.</font></p></td></tr></table></div>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;color:#000000;">CBA Letter Agreement</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;color:#000000;">In connection with the Transaction, CBA, MDW, the Company and certain other subsidiaries of the Company entered into a letter agreement dated April 17, 2015 (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Letter Agreement</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;).&nbsp;&nbsp;Pursuant to the Letter Agreement, CBA agreed to the Transaction</font><font style="display: inline;font-size:10pt;color:#000000;"> in exchange for a fee equal to $350,000 (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;color:#000000;">Amendment Fee</font><font style="display: inline;font-size:10pt;color:#000000;">&#x201D;).&nbsp;&nbsp;The Amendment Fee shall be earned as of April 17, 2015 and shall become due and payable on July 31, 2015.&nbsp;&nbsp;MDW agreed that, once paid, the Amendment Fee will be nonrefundable.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt 0pt 12pt;text-indent:0pt;text-align:justify;text-justify:inter-ideograph;border-top:1pt none #D9D9D9 ;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-size:10pt;">The </font><font style="display: inline;font-size:10pt;">foregoing</font><font style="display: inline;font-size:10pt;"> description is a summary of the material terms of Letter Agreement and is qualified in its entirety by reference to the text of the Letter Agreement, which is filed as Exhibit 10.</font><font style="display: inline;font-size:10pt;">4</font><font style="display: inline;font-size:10pt;"> hereto.</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Ite</font><font style="display: inline;font-weight:bold;font-size:10pt;">m</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">2.0</font><font style="display: inline;font-weight:bold;font-size:10pt;">3</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Creatio</font><font style="display: inline;font-weight:bold;font-size:10pt;">n</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">o</font><font style="display: inline;font-weight:bold;font-size:10pt;">f</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">a</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Direc</font><font style="display: inline;font-weight:bold;font-size:10pt;">t</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Financia</font><font style="display: inline;font-weight:bold;font-size:10pt;">l</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Obligatio</font><font style="display: inline;font-weight:bold;font-size:10pt;">n</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">o</font><font style="display: inline;font-weight:bold;font-size:10pt;">r</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">a</font><font style="display: inline;font-weight:bold;font-size:10pt;">n</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Obligatio</font><font style="display: inline;font-weight:bold;font-size:10pt;">n</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">unde</font><font style="display: inline;font-weight:bold;font-size:10pt;">r</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">a</font><font style="display: inline;font-weight:bold;font-size:10pt;">n</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Off-Balanc</font><font style="display: inline;font-weight:bold;font-size:10pt;">e</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Shee</font><font style="display: inline;font-weight:bold;font-size:10pt;">t</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Arrangemen</font><font style="display: inline;font-weight:bold;font-size:10pt;">t</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">o</font><font style="display: inline;font-weight:bold;font-size:10pt;">f</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">a</font><font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Registrant.</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">On the Closing Date, April 17, 2015, MDW received an initial draw of $3,850,000 (the &#x201C;</font><font style="display: inline;font-weight:bold;font-size:10pt;">Initial Draw</font><font style="display: inline;font-size:10pt;">&#x201D;) under the Subordinated Debt Facility.&nbsp;&nbsp;MDW paid the first installment ($100,000) of the Origination Fee to the Lender and reimbursed the Lender for $150,000 in legal fees and expenses from the Initial Draw.&nbsp;&nbsp;The Subordinated Debt Facility bears interest at a rate of 13.5% per annum and is subject to the Commitment Fee of 5% on the undrawn commitment through September 30, 2015.&nbsp;&nbsp;The Subordinated Debt Facility is secured by subordinated security interests and guarantees by the Company and its subsidiaries, subordinated to the senior security interest of CBA under the terms of the Subordination Agreement.&nbsp; </font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The second borrowing and all future draws are subject to conditions, affirmations and negative covenants as described in the Credit Agreement.&nbsp;&nbsp;There can be no assurance that MDW will satisfy the conditions to make future draws under the Subordinated Debt Facility.</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt -1pt 0pt 0pt;line-height:10.2pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">Item 7.01. Regulation FD Disclosure.</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">On April </font><font style="display: inline;font-size:10pt;">20</font><font style="display: inline;font-size:10pt;">, 2015, the Company issued the press release </font><font style="display: inline;color:#000000;font-size:10pt;">announcing that the Company has entered into the Transaction. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press releases attached hereto is deemed to be &#x201C;furnished&#x201D; and shall not be deemed to be &#x201C;filed&#x201D; for purposes of the Securities Exchange Act of 1934, as amended. &nbsp;The information set forth in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">Item 9.01. Exhibits.</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:42.50pt;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;width:425.50pt;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Exhibit</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:425.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.1</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:425.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Credit Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.2</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:425.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Guaranty, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;height:9.85pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.3</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:425.50pt;height:9.85pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Subordination Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;height:11.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.4</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:425.50pt;height:11.20pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Letter Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:42.50pt;height:13.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">99.1*</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:425.50pt;height:13.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Press Release, Date April </font><font style="display: inline;font-size:10pt;">20</font><font style="display: inline;font-size:10pt;">, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">*The exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;color:#000000;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;line-height:normal;text-align:center;color:#000000;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;"></font><font style="display: inline;font-weight:bold;color:#000000;font-size:10pt;">SIGNATURES</font>
		</p>
		<p style="margin:3.75pt 0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<p style="margin:3.75pt 0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;CellSpacing:0;margin-left:0pt;">
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:221.25pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:216.75pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 0pt">
						<font style="display: inline;font-size:0.5pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
				<td valign="middle" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td colspan="2" valign="top" style="width:239.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;">MIDWAY GOLD CORP. </font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="middle" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="middle" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">DATE:&nbsp;&nbsp;April </font><font style="display: inline;font-size:10pt;">21</font><font style="display: inline;font-size:10pt;">, 2015 </font></p>
				</td>
				<td valign="top" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">By: </font></p>
				</td>
				<td valign="top" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;text-decoration:underline;">/s/ Bradley J. Blacketor</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:221.25pt;padding:0pt;">
					<p style="margin:5pt 0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Bradley J. Blacketor</font><br /><font style="display: inline;font-size:10pt;">Chief Financial Officer</font></p>
				</td>
			</tr>
			<tr style="CellSpacing:0;">
				<td valign="top" style="width:221.25pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;&nbsp;</font></p>
				</td>
				<td valign="top" style="width:22.50pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:216.75pt;padding:0pt;">
					<p style="margin:0pt;font-family:Times New Roman;font-size: 12pt">
						&nbsp;</p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;color:#000000;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;color:#000000;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;font-size: 10pt">

		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p>
		<p style="margin:0pt;text-align:center;font-family:Times New Roman;;font-size: 10pt"><font style="display: inline;font-weight:bold;font-size:10pt;"></font><font style="display: inline;font-weight:bold;font-size:10pt;">EXHIBIT INDEX</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<p style="margin:0pt;line-height:normal;text-align:center;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-weight:bold;font-size:10pt;">&nbsp;</font>
		</p>
		<div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;margin-left:0pt;">
			<tr>
				<td valign="top" style="width:42.50pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;line-height:normal;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						<font style="display: inline;font-size:1pt;">&nbsp;</font></p>
				</td>
				<td valign="top" style="width:436.30pt;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:1.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;">
						&nbsp;</p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Exhibit</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:436.30pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-weight:bold;font-size:10pt;text-decoration:underline;">Description</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.1</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:436.30pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Credit Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.2</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:436.30pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Guaranty, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;height:13.05pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.3</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:436.30pt;height:13.05pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Subordination Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;width:42.50pt;height:13.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">10.4</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;width:436.30pt;height:13.50pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Letter Agreement, dated April 17, 2015</font></p>
				</td>
			</tr>
			<tr>
				<td valign="top" style="border-right:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:42.50pt;height:4.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">99.1*</font></p>
				</td>
				<td valign="top" style="border-left:1pt none #D9D9D9 ;border-top:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;width:436.30pt;height:4.00pt;padding:0pt 6.5pt">
					<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
						<font style="display: inline;font-size:10pt;">Press Release, Date April </font><font style="display: inline;font-size:10pt;">20</font><font style="display: inline;font-size:10pt;">, 2015</font></p>
				</td>
			</tr>
		</table></div>
		<p style="margin:0pt;line-height:normal;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 10pt">
			<font style="display: inline;font-size:10pt;">*The exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p><font size="1"> </font></p><hr size="3" style="color:#999999" width="100%" align="center"></hr>
	</div></body>
</html>
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{"company-data": {"conformed-name": "Midway Gold Corp", "cik": "0001319009", "assigned-sic": "1040", "irs-number": "000000000", "state-of-incorporation": "A1", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-33894", "film-number": "15782244"}, "business-address": {"street1": "POINT AT INVERNESS, SUITE 280", "street2": "8310 SOUTH VALLEY HIGHWAY", "city": "ENGLEWOOD", "state": "CO", "zip": "80112", "phone": "(720) 979-0900"}, "mail-address": {"street1": "POINT AT INVERNESS, SUITE 280", "street2": "8310 SOUTH VALLEY HIGHWAY", "city": "ENGLEWOOD", "state": "CO", "zip": "80112"}}
8-K Hale Loan Transaction
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report:
April 17, 2015
(Date of earliest event reported)
MIDWAY GOLD CORP.
(Exact Name of Registrant as Specified in Charter)
British Columbia, Canada
(State or Other Jurisdiction of Incorporation)
001-33894
(Commission File Number)
98-0459178
(IRS Employer Identification No.)
Point at Inverness, Suite 280
8310 South Valley Highway
Englewood, Colorado
(Address of principal executive offices)
80112
(Zip Code)
Registrant's telephone number, including area code:
(720) 979-0900
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Definitive Material Agreement
On
April 17, 2015
(the "
Closing Date
"), Midway Gold Corp.'s (the "
Company
or "
our
") subsidiary MDW Pan LLP, as borrower ("
MDW
")
,
entered into a
subordinated
credit agreement (the "
Credit Agreement
")
by and among MDW, Hale Capital Partners, L.P.
("
HCP
")
, as administrative agent and collateral agent, HCP-MID, LLC ("
HCP-MID
"), as a lender, and INV-MID, LLC ("
INV-MID
" together with HCP-MID are collectively referred to herein as the "
Lender
"), as a lender
(
MDW
, HCP, HCP-MID and INV-MID
are collectively referred to herein as, the "
parties
") for the purpose of
establishing a subordinated secured non-revolving term
credit facility in favor of MDW in the aggregate amount of $10,500,000
("
Subordinated Debt Facility
").
The transactions related to the
Subordinated Debt Facility
are referred to herein as the "
Transaction
".
Credit Agreement
The following description is a summary of the material terms of the Credit Agreement and is qualified in its entirety by reference to the text of the Credit Agreement, which is filed as Exhibit 10.1 hereto.
·
Interest Rate
.  E
ach loan made to MDW pursuant to the
Subordinated Debt Facility
shall bear interest compounded daily on the outstanding principal amount thereof at a rate per annum equal to 13.5%.  Interest is payable in kind on each Interest Payment Date (as defined in the Credit Agreement) unless (i) there is Available Cash Flow (as defined in the Credit Agreement) with which to make a cash payment of such interest and (ii) payment in cash is permitted under the Subordination Agreement (as defined herein)
, in which case HCP may elect in its sole discretion the portion of the interest payment that it wishes to receive in cash.
·
Permitted and Mandatory Prepayments
.  MDW may make voluntary prepayments
of principal
, provided that the prepayment is accompanied by all accrued interest and
C
ommitment
F
ees
(defined below)
on the amount prepaid and (i) if prepaid before the 180
th
day following the Closing D
ate, the principal amount being prepaid over the aggregate principal amount of the outstanding Loans (excluding in each case, interest and commitment fees added to principal) times 3% of the aggregate amount of the commitments or (ii) if prepaid after that date, that amount plus the net present value (1.5% discount rate) as of the date of such prepayment of the
E
ffective
R
eturn
(as defined in the Credit Agreement)
payments that would have been made on the principal amount being prepaid if such amount had been paid on the maturity date
.  In addition, there are certain mandatory prepayment events, including
the issuance of Additional Equity (as defined in the Credit Agreement) in an amount sufficient to cause the Cost to Complete Test (as defined in the Credit Agreement) to be satisfied after giving effect to the prepayment of all outstanding amounts under the Subordinated Debt Facility
, as well as other customary prepayment events relating to receipt of insurance proceeds, condemnation awards and similar matters.
·
Maturity
.
The Subordinated Debt Facility has a maturity date of September 30, 2017
; provided that, subject to the Subordination Agreement, unless waived by HDW in its sole discretion, MDW is required to repay the outstanding principal amount of the loans on the Discharge Date (as defined in the Credit Agreement).
·
Fees
.  MDW agreed to pay a $200,000 origination fee
(the "Origination Fee")
, payable in two equal installments out of the proceeds of the loans on the Initial Funding Date (as defined in the Credit Agreement) and on the date of the Second Borrowing (as defined in the Credit Agreement).  In addition, MDW agreed to pay HCP for the account of each of the Lenders a commitment fee (the "
Commitment Fee
") payable in arrears on (i) each Interest Payment Date (as defined in the Credit Agreement) after the date of the  Credit  Agreement and (ii) the last day of the Availability Period, in each case at a rate of 5% per annum of the average daily unused portion of such Lender's Commitment (as defined in the Credit Agreement
)
, provided, however, that such Commitment Fee shall be payable in kind unless (i) payment in cash is permitted in accordance with the terms of the Subordination Agreement and (ii) there is Available Cash Flow with which to make a cash payment of such fee.
·
Conditions to Draw
.  The Credit Agreement includes customary conditions to the availability of the loans, as described in the Credit Agreement and subject to certain disclosures made in connection with the closing dat
e and including an obligation of
MDW and each guarantor to grant to the Lenders a security interest in the same assets subject to a security interest in favor of the Senior Secured Parties (as defined in the Credit Agreement), which grant is subject to the Subordination Agreement.
·
Use of Proceeds
.  MDW may use the proceeds of the Credit Agreement to pay for Project Costs (as defined therein) or to make distributions and dividends to the Company.
·
Covenants
.  The Credit Agreement includes customary affirmative and negative covenants for a facility of this type
and consistent with the Senior Credit Agreement (as defined in the Credit Agreement)
including:
o
Liens
.  MDW cannot incur Liens (as defined in the Credit Agreement) on any of its properties, assets or revenues, except for Permitted liens (as defined in the Credit Agreement).
o
Indebtedness
.  MDW cannot not incur any other indebtedness other than Permitted Indebtedness
(as defined in the Credit Agreement)
.
o
Certain Changes
.  MDW cannot engage in any business other than the Project
(as defined in the Credit Agreement)
, change the Project scope or purpose from the Development Plan (as
defined
in t
he Credit Agreement)
.
o
Dispositions
.  MDW cannot ma
ke
any Disposition (as defined in the Credit Agreement)
, other than
(a)
Refined Gold
(as defined in the Credit Agreement)
or other Saleable Product
(as defined in the Credit Agreement)
produced at the Mine
(as defined in the Credit Agreement)
in accordance
with the Development Plan (b)
obso
lete or worn out equipment, (c)
equipment or real property (whose proceeds are used to purchase replacement property within 45 days), and
(d)
immaterial assets in arm's length transactions.
o
Investments
.  MDW cannot make any investments except for Cash Equivalents, accounts receivable or notes receivable arising from the grant of trade credit in the ordinary course of business and investments by MDW in Hedge Agreements permitted under the Risk Management Plan.
·
Financial Covenants
.  So long as any amounts remain outstanding to
the Lenders
under the
Subordinated Debt Facility
, MDW must
from and after the end of the Availability Period
have a Historical Debt Service Coverage Ratio (as defined in the Credit Agreement) of not less than 1.25:1.00; Prospective Debt Service Coverage (as defined in the Credit Agreement) of not less than 1.25:1.00;
Loan Life Coverage Ratio (as defined in the Credit Agreement
)
of at least 1.30:1.00; Project Life Coverage Ratio (as defined in the Credit Agreement) of at least
the same ratio required under the Senior Credit Agreement (as defined in the Credit Agreement)
; Reserve Tail (as defined in the Credit Agreement) of at least 25%; Cumulative Recovery Ratio (as defined in the Credit Agreement)
, as of each Quarterly Date between September 30, 2015 and June 30, 2016,
equal to at least 90% of the Cumulative Recovery Ratio projected in the Development Plan (as defined in the Credit Agreement
)
.
·
Events of Default
.  The
Subordinated Debt Facility
has
customary events of default
consistent with the Senior Credit Agreement
, including (a) an indebtedness cross-default for the debt of any loan party above a specified threshold; (b) a judgment in respect of any loan party in excess of a specified threshold(if not covered by insurance); (c) a change of control (if the Company mergers or consolidates with any other Person or an agreement by the Company to dispose of the Project or MDW is publicly announced, or if any Person directly or indirectly owning more than 50% of the voting interests of the Company or acquires the right to own or cause the management decisions and policies of the Company or to appoint more than half of the board of directors of the Company); (d) the Project fails to achieve Mechanical Completion (as defined in the Credit Agreement) by a date certain or Economic Completion by a date certain; and (e) the Company's listed stock on the NYSE MKT or any successor stock exchange or the trading of the listed stock is suspended.
Guaranty
In connection with the Transaction
and the Credit Agreement
, the Company and certain of its subsidiaries entered into a guaranty (the "
Guaranty
") in favor of
HCP
, as
administrative and
collateral agent, whereby the Company and certain of its subsidiaries
(collectively, the "
Guarantors
")
absolutely, unconditionally and irrevocably guarantees the punctual performance and payment when due of all obligations of MDW under the Credit Agreemen
t
and other loan documents.
The following description is a summary of the material terms of the Guaranty and is qualified in its entirety by reference to the full text of the Guaranty, which is filed as Exhibit 10.2 hereto.
·
Covenants
.  The Guaranty imposes affirmative and negative covenants on the Guarantors similar to those that apply to MDW.  The covenants that apply only prior to the Economic Completion Date and the Goshute Challenge Resolution Date (as defined in the Credit Agreement) include
, but not limited to
: (a) a limitation on the incurrence of liens and indebtedness similar to the limitations that apply to MDW; (
b)
a limitation on investments similar to those that apply to MDW
; (c) a limitation on capital expenditures other than those related to the Project (as defined in the Guaranty); and (d) a prohibition on mergers, dissolutions or liquidations
.
·
Termination
.  Upon
(i)
the later of the Economic Completion Date and the Goshute Challenge Resolution Date
(the "
Release Date
")
with respect to the Initial Guarantors (as defined in the Guaranty) and Additional Guarantors (as defined in the Guaranty)
,
and (ii) with respect to the Continuing Guarantors (as defined in the Guaranty
) and
all other parties, on the Discharge Date (as defined in the Guaranty).
Subordination Agreement
In connection with the Transaction
and the Credit Agreement
, the Company and certain of its subsidiaries entered into a
subordination
agreement (the "
Subordination
Agreement
") by and between
HCP
,
Commonwealth Bank of Australia ("
CBA
")
, the Company and certain of it
s subsidiaries
pursuant to which
each of the Obligors (as defined in the Subordination Agreement, covenants and agrees that the
payment of any and all of the Junior Debt (as defined in the Subordination Agreement) is subordinate and subject in right of payment to the prior full payment of the Senior Debt (as defined in the Subordination Agreement)
.
The following description is a summary of the material terms of
Subordination Agreement
and is qualified in its entirety by reference to the text of the
Subordination Agreement
, which is filed as Exhibit 10.3 hereto.
·
Payments and Distributions
.
In the event of any Proceeding (as defined in the Subordination Agreement) involving any Obligor or any property of any Obligor or any payment or distribution in respect of any such property in any Proceeding: (i) all Senior Debt first shall be Paid in Full (as defined in the Subordination Agreement) before any payment of, or payment or distribution with respect to,
the Junior Debt shall be made (
other than a distribution of Reorganization Subordinated Securities (as defined in the Subordination Agreement)) from such Obligor or with respect to its property; (ii) any payment and/or distribution from such Obligor or with respect to its property, whether in cash, property or securities which, but for the terms hereof, otherwise would be payable or deliverable in respect of the Junior Debt (other than a distribution of Reorganization Subordinated Securities), shall be paid or delivered directly to the Senior Collateral Agent (acting on behalf of the Senior Lender) until all Senior Debt is Paid in Full, and Junior Lender irrevocably authorizes, empowers and directs all receivers, trustees, liquidators, custodians, conservators and others having authority in the premises to effect all such payments and/or distributions, and Junior Lender also irrevocably authorizes the Senior Collateral Agent to demand, sue for, collect and receive every such payment or distribution in the name of Senior Lender pursuant to the authority granted herein; and (iii) Junior Lender agrees to execute and deliver to Senior Lender or its representative all such further instruments reasonably requested by Senior Lender or its representative to confirm the authorization referred to in the foregoing clause (ii) (provided, that no such instrument shall require Junior Lender to permit Senior Lender to take any of the foregoing actions in the name of Junior Lender)
.
·
Restriction on Action by Junior Lender
.
Until the Senior Debt is Paid in Full, Junior Lender shall not, without the prior written consent of Senior Collateral Agent (acting on the instructions of Senior Lender), take any Collection Action with respect to the Junior Debt, except as permitted in the Subordination Agreement.
Post-
Closing Conditions
In connection with the
Transaction,
the Company and certain other subsidiaries of the Company
will
enter into a security agreement
(the "
Security Agreement
") and
certain
pledge agreement
s (each, a "
Pledge Agreement
"
and collectively, the "
Pledge Agreements
"
) as post-closing conditions of the Transaction.  The Security Agreement and each Pledge Agreement
are
subject to the Subordination Agreement.  The following description is a summary of the material terms
of the Security Agreement and the Pledge Agreements and is qualified in its entirety to the text of the Security Agreement and the Pledge Agreements which will be fil
ed with the Company's Quarterly Report on Form 10-Q for the quarter ending June 30, 2015.
Security Agreement
Pur
suant to the Security Agreement
which will be
subject at all times to the Subordination Agreement,
each of the Grantors
(as defined in
Security Agreement) will
grant
to
HCP
for the benefit of the Secured Parties (as defined in the Credit Agreement) a security interest in each Grantor's right, title and interest in and the collateral identifi
ed in the Security Agreement.
·
Excluded Assets
.  The following assets
will be
excluded from the security interest: (i) deposits securing the Closing Surety Bonding Contracts (as defined in the Credit Agreement) in an aggregate amount up to $6 million, (ii) the Distribution Account (as defined in the Credit Agreement), (iii) interests of Midway Gold US Inc., or any other Grantor under the Pinyon Agreement (as defined in the
Senior
Credit Agreement) or Spring Valley Agreement (as defined in the
Senior
Credit Agreement, (iv) the interests of MDW Gold Rock LLP or any other Grantor under the Monte Mineral Lease (provided the exclusion ends upon receipt of consent of the Lessor (as defined in the
Senior
Credit Agreement) to collateral assignment of such interests to HCP, (v) vehicles or other equipment subject to permitted liens or to the extent that the terms to fund the lease or purchase of such vehicles or equipment prohibit the grant of a security interest to HCP, (vi) and general intangibles to the extent that a grant of a security interest to HCP is prohibited by Applicable Law (as defined in the
Senior
Credit Agreement
)
.
·
Releases
.  Upon the Release Date, the pledge and security interests
will be
released on all Grantors, except for MDW and Midway Services Company, which continue until the obligations have been paid in full
.
Pledge Agreement
Pursuant to the Pledge Agreements
which are
subject at all times to the Subordination Agreement
,
each pledger will agree to grant HCP a security interest in the equity interests in the pledgor except the Company.
·
Termination of Pledge
.  Upon the Release Date, HCP will release its security interest in all of the equity interests in the companies and return their respective stock and membership certificates, except for the equity interests a
nd certificates issued by MDW,
MDW Pan Holding Corp. and Midway Services Company (the "
Continuing Collateral
").  HCP's interests in the Continuing Collateral will continue until the obligations are paid in full.
CBA Letter Agreement
In connection with the Transaction, CBA, MDW, the Company and certain other subsidiaries of the Company entered into a letter agreement dated April 17, 2015 (the "
Letter Agreement
").  Pursuant to the Letter Agreement, CBA agreed to the Transaction
in exchange for a fee equal to $350,000 (the "
Amendment Fee
").  The Amendment Fee shall be earned as of April 17, 2015 and shall become due and payable on July 31, 2015.  MDW agreed that, once paid, the Amendment Fee will be nonrefundable.
The
foregoing
description is a summary of the material terms of Letter Agreement and is qualified in its entirety by reference to the text of the Letter Agreement, which is filed as Exhibit 10.
4
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Obligatio
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Obligatio
n
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r
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Off-Balanc
e
Shee
t
Arrangemen
t
o
f
a
Registrant.
On the Closing Date, April 17, 2015, MDW received an initial draw of $3,850,000 (the "
Initial Draw
") under the Subordinated Debt Facility.  MDW paid the first installment ($100,000) of the Origination Fee to the Lender and reimbursed the Lender for $150,000 in legal fees and expenses from the Initial Draw.  The Subordinated Debt Facility bears interest at a rate of 13.5% per annum and is subject to the Commitment Fee of 5% on the undrawn commitment through September 30, 2015.  The Subordinated Debt Facility is secured by subordinated security interests and guarantees by the Company and its subsidiaries, subordinated to the senior security interest of CBA under the terms of the Subordination Agreement.
The second borrowing and all future draws are subject to conditions, affirmations and negative covenants as described in the Credit Agreement.  There can be no assurance that MDW will satisfy the conditions to make future draws under the Subordinated Debt Facility.
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03 of this Current Report on Form 8-K.
Item 7.01. Regulation FD Disclosure.
On April
20
, 2015, the Company issued the press release
announcing that the Company has entered into the Transaction. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press releases attached hereto is deemed to be "furnished" and shall not be deemed to be "filed" for purposes of the Securities Exchange Act of 1934, as amended.  The information set forth in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01. Exhibits.
Exhibit
Description
10.1
Credit Agreement, dated April 17, 2015
10.2
Guaranty, dated April 17, 2015
10.3
Subordination Agreement, dated April 17, 2015
10.4
Letter Agreement, dated April 17, 2015
99.1*
Press Release, Date April
20
, 2015
*The exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MIDWAY GOLD CORP.
DATE:  April
21
, 2015
By:
/s/ Bradley J. Blacketor
Bradley J. Blacketor
Chief Financial Officer
EXHIBIT INDEX
Exhibit
Description
10.1
Credit Agreement, dated April 17, 2015
10.2
Guaranty, dated April 17, 2015
10.3
Subordination Agreement, dated April 17, 2015
10.4
Letter Agreement, dated April 17, 2015
99.1*
Press Release, Date April
20
, 2015
*The exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.