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Majestic Gold Corp. V.MJS

Alternate Symbol(s):  MJGCF

Majestic Gold Corp. is engaged in mineral resource exploration, development and extraction. It operates the Songjiagou open pit gold mine in the eastern Chinese province of Shandong. Songjiagou Gold Mine covers over 75.04 square kilometers in Muping, Yantai, Shandong Province, China. It has four separate tenements, including E36/918, E37/1334, E63/2110 (Kumarl) Tenement and E77/2817 (Moorine) Tenement. These tenements are located in Western Australia, an area with demonstrated potential for the discovery of lithium oxide mineralization. E36/918 tenement has been granted and consists of two blocks located 150 kilometers (km) North of Leonora, about 50 kms north of Leinster, along the east side of the Kathleen Valley. E37/1334 tenement has been granted and consists of six blocks located west of Leonora township, 200 kms North of Kalgoorlie and 700 kms northeast of Perth, in the Goldfields region. E77/2817 (Moorine) Tenement consists of eight blocks located 400 kms east of Perth.


TSXV:MJS - Post by User

Bullboard Posts
Post by MisterBon Jul 28, 2011 6:29pm
466 Views
Post# 18885258

Acquisition of Majestic in the works!!

Acquisition of Majestic in the works!!Interesting find - not sure if it means anything, but looks very interesting:
https://www.chinaminingresources.com/eng/global/home.php
From the July 11 PR:
This statement is made at the request of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”).
We have noted the recent increases in the share price and trading volume of the shares of China Mining Resources Group Limited (the “Company”) and wish to state that we are not aware of any reasons for such increases.
The board of directors of the Company (the “Board”) wishes to inform the shareholders of the Company that the Company is in discussion with a third party (the “Potential Seller”) independent of and not connected with the Company and its connected persons (within the meaning of the Rules Governing the Listing of Securities on the Stock Exchange (the “Listing Rules”)) regarding a potential acquisition (the “Potential Acquisition”) of a gold mine project, which if materializes may constitute a notifiable transaction under the Listing Rules. As at the date of this announcement, no definite terms have been agreed by the Company and the Potential Seller. In the event that the Potential Acquisition materializes, the Company will make further announcement in compliance with the Listing Rules as and when appropriate.
From the July 26 PR:
China Mining Resource Group Limited
On 26 July 2011, the Company together with Best Tone, a wholly-owned subsidiary of the Company, entered into the Convertible Loan Agreement with Majestic Gold pursuant to which Best Tone agreed to make available a Convertible Loan in the amount of CAD10 million (equivalent to approximately HK$82 million) to Majestic Gold at an interest rate of 7.5% per annum and the Company agreed to guarantee Best Tone’s obligation thereunder.
The percentage ratio in respect of the transactions contemplated under the Convertible Loan Agreement exceeds 5% but less than 25% and as such, the Convertible Loan Agreement constitutes a discloseable transaction for the Company pursuant to Rule 14.06(2) of the Listing Rules.
INTRODUCTION
On 26 July 2011, the Company together with Best Tone, a wholly-owned subsidiary of the Company, entered into the Convertible Loan Agreement with Majestic Gold pursuant to which Best Tone agreed to make available a Convertible Loan in the amount of CAD10 million (equivalent to approximately HK$82 million) to Majestic Gold at an interest rate of 7.5% per annum and the Company agreed to guarantee Best Tone’s obligation thereunder.
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The July 26 PR has much more text to it that I did not post.  Put these two together and it looks like pre-takeover DD and financing. Who knows what will come of it, but it looks like there are intentions beyond just a $10M financing (if the company in the July 11PR is Majestic)....
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Holiday time now - heading up North.
B
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