GREY:CUDBF - Post by User
Post by
houstockon Jul 05, 2015 2:18pm
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Post# 23892977
Everyone knew it: "KMDC" died and passed away long time ago
Everyone knew it: "KMDC" died and passed away long time ago KMDC Update
KMDC Resources Ltd. and Korea Myanmar Development Company Ltd. (together "KMDC") remain in default of their obligations to the Company, and the final funding deadline of January 30, 2015 has passed without any further payment and without any further communication from KMDC. The Company has legal claims for those defaults against KMDC and its principals, Lee Young Soo and Seok Hee-guen, and has the ability to pursue those claims in due course. In the near term the Company will remain focused on its business at Milton. The Company has over $2 million in cash, including the $650,000 forfeited by KMDC, and no debt. Based on the results of the new horizontal Well 6-22, the Company looks forward to receiving a new reserve estimate in due course.