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Bullboard - Stock Discussion Forum Andover Mining Corp. V.AOX

A precious and base metal exploration company

TSXV:AOX - Post Discussion

Andover Mining Corp. > ENIRGI GROUP ANNOUNCES INTENTION TO SELL ANDOVER POSITION
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Post by dosco on Jul 04, 2013 2:37am

ENIRGI GROUP ANNOUNCES INTENTION TO SELL ANDOVER POSITION

ENIRGI GROUP CORPORATION

130 Adelaide Street West

Suite 3303

Toronto, Ontario

M5H 3P5

Canada

For Immediate Release

ENIRGI GROUP ANNOUNCES INTENTION TO SELL ANDOVER POSITION

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES

AND NOT FOR DISSEMINATION IN THE UNITED STATES

TORONTO, June 25, 2013 – Enirgi Group Corporation (“Enirgi Group”) announced today

its intention to sell up to 4,097,500 common shares (the “Andover Shares”) of Andover. The

sale of Andover Shares is expected to begin on or after Friday, June 28, 2013.

Enirgi will file an amendment to its early warning report dated March 27, 2013 (“EWR”) in

connection with its ownership of securities of Andover Mining Corp. (“Andover”).

As a result of the non-payment of a US$2.5 million principal amount non-convertible note

dated September 23, 2011 (the “September Note”) of Andover on its maturity, Enirgi Group

commenced legal proceedings against Andover in the Superior Court of British Columbia to

enforce repayment of the full principal amount of the Notes (as defined below) on June 4,

2013.

In addition, the EWR has been amended to reflect a change in the conversion rate under a

US$1.5 million principal amount convertible note of Andover dated August 31, 2012 (the

August Note”). As a result of the closing, on May 31, 2013 of a non-brokered private

placement of Andover’s securities, Enirgi Group is entitled to demand a redemption of all or a

portion of the August Note in Andover common shares at a conversion price equal to the

current market price of Andover common shares, rather than the initial CAD$0.235 conversion

price.

Enirgi Group is also the holder of a US$2.5 million principal amount convertible note dated

April 30, 2012 (the “April Note”) of Andover (the August Note, the September Note and the

April Note are collectively referred to herein as the “Notes”). The April Note can be converted

into common shares of Andover at CAD$0.32 per share at the discretion of the holder thereof

up to the date of maturity.

Enirgi Group reserves the right to change the plans described above at any time including by

acquiring or disposing of Andover common shares or exercising the conversion rights under the

August Note and the April Note.

- 2 -

This press release does not constitute an offer to sell or the solicitation of an offer to buy any

Andover securities.

For further information or to obtain a copy of the amended Early Warning Report filed by

Enirgi Group, please contact Jessica Helm at (416) 365-2783.

Enirgi Group Corporation is a private Canadian company. For additional information, please

visit our website at www.enirgi.com.

Comment by souwester on Jul 05, 2013 6:51am
Kinda stale news.
Comment by dosco on Jul 05, 2013 7:43am
I think, we see these infos already in a big way in the share price. and in case they can fix all this. financing, new project with ind.partner and pay off enigri (all loans)... then... if not, I even dont now if the worst case is already in the price. 10 million is not a huge market cap for all these projects. we need to see something with near time value.
Comment by souwester on Jul 05, 2013 8:38am
I agree there is serious, serious potential upside here.  But the management has got to actually achieve something concrete and positive, and in a reasonably timely manner.