GREY:VAALF - Post by User
Comment by
xxtscon Sep 24, 2011 3:18am
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Post# 19079848
RE: Flemish Gold
RE: Flemish GoldMANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND FINANCIAL PERFORMANCEFOR THE SIX MONTHS ENDED JUNE 30, 2011: As at June 30, 2011, Vaaldiam owns 10,625,000 common shares (18.55%) of Flemish Gold Corp. (“Flemish”, previously Kivu Gold Corp.), a private corporation incorporated under the Canada Business Corporation Act, focusing on precious metals exploration in sub-Saharan Africa. In May 2011, Flemish closed a $10 million private placement at $1.00 per unit, each unit comprising of one common share and one warrant to acquire one common share at $1.20 for 24 months. Vaaldiam did not participate in the private placement and its shareholding in Flemish has been diluted down from 22.56% to 18.55 %. Flemish is progressing with its drilling program and is making progress to obtain a listing on the TSX exchange in the last quarter of 2011.