WRONG!!
"They had problems with finding a mill close enough and decided to build their own"
Misleading info.!
FLPC NEVER decided to build their own Mill. First, if they did, the expenditure would have shown up on the Filings. All FLPC had was a Letter of Intent to acquire a 50% Interest in LIBERTY MILL which was owned by CORONET Metals and already built. Coronet sold the business a little while ago. Not one Cent was paid to Coronet because FLPC never go that far and never put any ORE in the Mill. It was never active for FLPC and they never used it because the paperwork was only a letter to INTEND to take 50% Interest in, but they never got it.
The deal collapsed and it became void.
There has NEVER been any other Mill, only Liberty Mill by name but not one rivet was owned by FLPC!
"READ THIS, LAB'
FLPC Failed to meet the purchase price to Coronet, so they had no Money even then. The deal FAILED!!
"During the commissioning phase of the Liberty Processing Facility, the Company (Coronet) was unable to achieve commercial recovery of gold from the feed material. The Company suspended operations in April 2014 to preserve cash and then evaluated other options for the project, including alternative sources of feed material, partnering with operating mines or a sale of the Lease and operating agreement. Funding of the ongoing commitments to preserve the asset was provided by loans from Directors. On October 27, 2014 Coronet completed a share purchase agreement to sell a 50% operational interest in Coronet Metals US Inc. which operates the Liberty Precious Metals Processing Facility to First Liberty Power Corp. (“FLPC”) for US $200,000. The planned use of the sale proceeds was to pay accounts payable, fund ongoing operational costs associated with Coronet US , return the facility to full operational status and process feed material from FLPC’s projects. FLPC failed to meet purchase price obligations as required by the share purchase agreement, requiring the Company to seek alternative funding to maintain the lease in good standing. On January 13, 2015 Coronet formally terminated the FPLC agreement. Upon the collapse of the FLPC deal, management determined that it had exhausted its options to salvage the Liberty Liberty Processing Facility as a viable business and that there was no alternative but to divest Coronet US in order to enable the continuation of the Company."
*You need to brush up on your Homework before you put 'Fake News' on the Forum!! LOL
