GREY:GMFLF - Post by User
Post by
hazardpayon May 18, 2015 8:49am
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Post# 23738254
Highlights from the MIC
Highlights from the MIC"On April 17, 2015, the Company announced it has entered into an agreement to sell (the “Sale”) 100% of its interest in the Strieborná Silver-Copper Project (the “Strieborná Project”) to a private local investor group, Makrox spol. s.r.o. (the “Purchaser”), in exchange for the Purchaser assuming all of the associated liabilities of Strieborná Project that include, amongst other things, mine dewatering, mine site security, and local regulatory costs. All of the assets that make up the Strieborná Project are held by the Company’s two wholly-owned Slovakian subsidiaries, Gemma-LP s.r.o. and Gemer - Can s.r.o. (the “Subsidiaries”). Under the terms of the purchase and sale agreement with the Purchaser, the Purchaser has agreed to acquire all of the shares of the Subsidiaries from the Company in consideration for the Purchaser assuming all of the liabilities of the Subsidiaries and the Strieborná Project."
"...consolidation of all of the issued and outstanding shares of the Company on a date to be determined by the board of directors of the Company, on a fifteen (15) to one (1) basis"
"The Company is currently investigating other projects in the natural resource sector as well as in other business sectors with the aim of a new management group recapitalizing the Company concurrent with an asset or business acquisition. This action is at a preliminary stage, although upon shareholder approval of the Sale of the Strieborná Project this can be pursued with more vigor."