anyone with a sense of market acumen-
1. the ability to judge well; keen discernment; insight
knows full well stock prices from 2006 in
ANY company relating to todays prices are
TOTALLY IRRELEVANT MUCH LIKE THIS TIRED OLD GANG WITH TIRED OLD INFORMATION.please ignore and welcome to the new shareholders. i hazard a gues you are thrilled to be buying under 20 cents versus 43.60 as some idiots suggest!
financing this
with seven confidential agreements in place.
this takes a lot of legal administration work so it may be the reason why its taking so long to complete i'm quite confident it will be a good deal ,giving them a bit more time is a good thing in this environment.
there are options ,they just want to get a good deal because once it's done,
that's the deal they work under for the next 10 years +
who bought six million shares at these levels at the last month
Filing Services Canada August 28, 2014
Business Wire July 17, 2014
Sunridge Gold Signs Shareholder's Agreement with ENAMCO for Asmara Copper-Zinc-Gold Project, Eritrea
Sunridge Gold Corp. (the “Company” or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to announce that Sunridge and the Eritrean National Mining Corporation (“ENAMCO”) have executed a shareholders’ agreement (the “Shareholders’ Agreement”) to organize and operate the Asmara Mining Share Company (“AMSCo”) the operating entity which will own and operate the Asmara copper-zinc-gold mining project (the “Property”) in Eritrea.
AMSCo will be owned 60% by Sunridge and 40% by ENAMCO (30% participating and 10% free carried interest) and will have a board of directors of five, comprising three from Sunridge and two from ENAMCO. All future project development or exploration costs will be shared two-thirds Sunridge and one-third ENAMCO.
Michael Hopley, President and CEO of Sunridge said “Signing the AMSCo shareholder agreement is another major milestone that we have now achieved in the development of the Asmara mine. The payments from ENAMCO to Sunridge totaling US$5 million over the next few months, together with the relief from having to fund our in-country programs through AMSCo for the next US$6 million of expenditures, will provide Sunridge with a healthy treasury. We are very pleased to have ENAMCO as our partner and look forward to a continued close working relationship.”
On February 4, 2014, Sunridge announced that it had signed a binding term sheet for the purchase of the 30% participating interest pursuant to which ENAMCO agreed to pay Sunridge US$18.33 million in stages prior to production. Pursuant to the Shareholders’ Agreement, ENAMCO has now agreed to pay the first US$5 million of the purchase price on the following accelerated schedule:
- US$2 million to be paid immediately on signing the Shareholders’ Agreement
- US$1 million by September 30, 2014
- US$1 million by October 30, 2014
- US $1 million by November 30, 2014
The balance of the US$13.33 million will be paid in installments beginning upon signing a finance agreement that secures a significant portion of the financing required to develop the Property (the “Financing Agreement”);
- US$6 million to be paid upon on signing the Financing Agreement
- US$4 million 6 months after signing the Financing Agreement
- US$3.3 million 12 months after signing the Financing Agreement
In the Shareholders’ Agreement, the parties have agreed that ENAMCO will contribute one-third of the funding of expenditures on the project, including exploration and development retroactive to July 4, 2012, the date ENAMCO delivered its notice of intention to exercise its full purchase option. Since then, Sunridge has contributed approximately US$12 million to the project and now ENAMCO has agreed to fund the next approximately US$6 million to AMSCo for their portion of retroactive contributions to the project. The terms of the Shareholders’ Agreement also contain all the normal provisions regarding the governance and operations of AMSCo.
ABOUT SUNRIDGE:
Sunridge is a mineral exploration and development company focused on the acquisition, exploration, discovery and development of base and precious metal projects on the Asmara Project in Eritrea. Sunridge currently has approximately 210 million shares outstanding and trades on the TSX Venture Exchange under the symbol SGC. For additional information on the Company and its projects please view the slide show on our website at
www.sunridgegold.com or call Greg Davis at the number listed below.