Angus Mining is out of money, three directors resign
Angus Mining is out of money, three directors resign
2015-04-30 16:14 ET - News Release
Mr. Fraser Buchan reports
ANGUS PROVIDES UPDATE
Angus Mining Inc. directors Robert Buchan, Carl Pescio and Cameron Mingay resigned from the board in April, 2015.
The company also announces that it has divested its investment in Silver Reef Resources.
Further, the company is currently under review by the TSX Venture Exchange regarding its inability to meet the Tier 2 continued listing requirements and has been placed on notice to transfer to NEX. Being that the company has less than three directors, trading in the company's shares will be halted, and the company expects its listing will be transferred to NEX.
Despite a significant reduction in administrative expenses and initiatives, which included the ceasing of salaries in 2012, as well as being provided with financing from certain directors and officers, the company has been unsuccessful in securing a financing or strategic transaction. Given its working capital deficiency, the company will be unable to meet its obligations which includes the filing of its audited financial statements for the year ended Dec. 31, 2014, and a cease trade order is expected to be issued.
The company is looking at various alternatives for the company going forward, which could include a dissolution under the applicable acts.
https://www.stockwatch.com/News/Item.aspx?bid=Z-C:ANA-2273074&symbol=ANA®ion=C