Happy new year Robex Should be a dandy of a year.....
ROBEX RESOURCES INC. ANNOUNCES THE LAUNCH OF THE WORK STARTUP AT THE NAMPALA MINE, AN INCREASE IN CAPITAL AND PRODUCTION PROSPECTS.
The work to restart Robex Resources Inc.'s Nampala mine will be able to begin. As of now, equipment orders will be undertaken under the supervision of the independent engineering firm Soutex, with the support of the manufacturer, Imagri.
The elution system that posed difficulties will be replaced during the construction by an efficient system.
The conditions relating to the private placement and debt settlement announced on Dec. 30, 2014, have been carried out.
The company, today, has issued 142,857,142 common shares of its capital stock at a price of seven cents each in consideration of $10-million. In addition, Robex has issued 126,486,885 common shares of its capital stock at a deemed price of seven cents each to settle a debt including accrued interest for the amount of $8,854,082 (refer to the press release of Dec. 30, 2014, for more details on these transactions). The shares issued are subject to a hold period of four months and a day.
Among the conditions, was included, in particular the security of the company's debt with its main suppliers, what has been done and what permits them to spread out the repayments starting when the Nampala mine is back in production.
It is expected that the mine production will resume with a daily processing volume of 4,000 tons per day initially and 6,000 tons/day as soon as possible; which is a very significant increase in production compared with last year's plan, which was 2,800 t/d.
George Cohen said, "I am delighted for Robex and for Mali that 2015 opens with such a positive outlook."
We seek Safe Harbor.