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Finally MXL in default. Should allow FRMA to

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Sam Dan Member Level  Wednesday, 07/11/18 09:27:47 AM
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Post # of 1667 
Finally MXL in default. Should allow FRMA to move on if management on the ball
"MX GOLD ANNOUNCES TERMINATION OF SALE AGREEMENT AND RESIGNATION
Further to the news release dated May 11, 2018, the Magistral agreement dated May 9, 2018, has been terminated as the buyer was unable to finance the purchase price prior to the deadline stipulated in the definitive agreement. The Company is considering its legal rights with respect to the breach of the agreement by the buyer. In the meantime, the Company is in discussions with other third parties for a potential sale transaction but such discussions have not resulted in any binding agreements at this time. The Company intends to update the market with any material developments.
In connection with the termination of the Magistral Agreement, the Company also announces the expiration of the Reimbursement Agreement dated April 5, 2018, the FortyTwo Metals Share Purchase Agreement dated April 5, 2018, the Midas Property Purchase and Sale Agreement dated April 5, 2018, and the Willa Property Purchase, Sale and Assignment Agreement dated April 5, 2018 as was detailed in a news release issued on April 5, 2018. As each of these agreements were subject to the closing of the Magistral Agreement, each agreement expired according to its respective terms with no further obligations on either party.
In other news, the Company announces that it has received the resignation of Pankaj Sharma as Chief Financial Officer and director of the Company effective as of July 9, 2018. The Company intends to fill the board vacancy at the annual general and special meeting of shareholders of the Company scheduled for July 11, 2018.


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