Tuesday, October 02, 2018 9:56:32 AM
PanAm Mexico Ceased operations in Oct, 2012
Brad announced he took back PanAm Mexico effective May 23, 2013
ENSENADA, Mexico, May 28, 2013 /PRNewswire/ -- The primary considerations behind the Plan were/are as follows:
The sole revenue generating asset of CWRN (Pinksheets: CWRN) consists of a wholly owned foreign (Mexican) operating Subsidiary, Panamerican Minerals Ventures S.A. de C.V.(PMV), which was held in trust for CWRN and its shareholders by Robert L. Cotton and Sharon Vasquez . Due to a severe lack of Operating Capital, PMV was forced to cease mining operations in October of 2012, and had amassed unpaid debts in excess of $2.0 Million USD. Furthermore, PMV is a Defendant in various legal proceedings in Mexico, the loss of any of which would force PMV to declare bankruptcy. In all, PMV required on the order of $5.0 Million USD in financing in order to allow it to resume operations
The Board`s actions have already resulted in sufficient financial relief having been extended to allow PMV to avoid bankruptcy and the loss of its equipment, while retiring a significant portion of its outstanding payables. Furthermore, on May 19, 2013, PMV successfully shipped 68,069 Tons of Iron Ore from Ensenada aboard a Panamax Bulker (a first for Baja California minerals), of which 45,000 Tons were that material previously sold but quarantined by the Customs authorities and only recently released, plus 23,000 Tons of other inventory
Imo. I also am not a financial adviser nor compensated for my posts.
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