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Bullboard - Stock Discussion Forum Malaga Inc MLGAF

Malaga Inc. is a mining company. The company, through its subsidiaries operates tungsten mine and gold plant with mining and exploration activities focused in Peru. The operations, exploration and development activities on the Pasto Bueno Property are located in the Ancash Department, Central Peru. The company also owns and operates in a hydroelectric asset. The company owns 100% of the... see more

GREY:MLGAF - Post Discussion

Malaga Inc > Proposal To Creditors of Malaga Inc.
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Post by velky on Oct 18, 2013 1:31am

Proposal To Creditors of Malaga Inc.

Looks like the proposal is to sell the assets to a corporation called Domingo Salaverry for $500,000, assumption of Global Tungsten Powder debt and quarterly payment of permanent royalty on tungsen sales from the Pasto Bueno mine exceeding the first 40,000 MTUs extracted.

Some other interesting stuff in there, like a $5 million equity injection that was pulled at the last minute in December 2012.

https://www.scribd.com/doc/177072009/Malaga-Inc-Report-of-the-Trustee-in-Charge-on-the-Statement-of-the-Proposer-s-Business-and-Financial-Affairs-08102013

Comment by Hruibal on Oct 21, 2013 9:27pm
Thank you velky! This is very useful. The question here is if Malaga stock will be trading again... After this deal, Malaga Inc will be a cash only enterprise, with no other assets. If they chose to liquidate the company, after no debt or liabitilies in their balance, will we get a cash payment for our stocks?
Comment by velky on Oct 22, 2013 11:45am
There would be no point to incurring the expense of listing on the TSX again.  Shareholders cannot get anything until the creditors are made whole, which is supposed to take a miniumum of 3 years in this case. From the proposal there would be about $532,000 for shareholders in 3 years.  Plus the payment of a permanent royalty.  Let's say it's 2% on annual tungsten sales of ...more  
Comment by Hruibal on Oct 23, 2013 8:15am
Thanks! I am really underground here! I invested USD 30K. May be my last chance to get back my money if they will buy a small target to explore; rigth know there are a lot of cheap junios with good projects in Peru...
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