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Replies to post #5283 on SStartrade Tech Inc. (SSTT)
The Issuer has acquired 74% of SStartrade SA, a Swiss corporation. This Swiss company controls 100% of the shares of two companies in Russia, one is LLC Gaysky, a steel plant in the Orenburg region; and the other is a gold mining company LLC Favorit Centre. LLC Favorit Centre holds a license to conduct geological surveys and to conduct extraction work on a property located in the Trans-Baikal region of eastern Russia. Because of a recent change in licensing procedures—limiting the size of the property for each license to 100 square kilometer—and because of the size of the property for which Favorit Centre seeks to renew its annual license—237.17 square kilometers--Favorit Centre is now required to obtain three licenses, all of which are in process and are expected to be renewed by mid June, 2018. For the purpose of strict observance of this License Agreement, and accomplishment of the extraction of ore gold in the Trans-Baikal Territory of the Russian Federation, (as uploaded on the website www.sstartradetech.com), the Board of Directors of SStarTrade SA decided, in May 2017, to perform first-priority financing of urgent costs, such as evaluation and geological exploration works and acquisition of mining and quarrying equipment. In order to accelerate the analysis and elaboration the outcome of the surveys conducted in the past years, SStarTrade SA secured a debt financing facility for $8M in November, 2017. Although this loan was to be repaid early in 2018, the Issuer has secured an extension, and repayment terms are unclear as of the posting of this Quarterly Report. [/This financing allowed the analysis to permit the confirmation and announcement of 3 to 5 tons of gold to the State balance with the Federal Subsoil Resource Management Agency of the Russian Federation, in February 2018. The financing originates from the activity of the LLC Gaysky steel plant in Orenburg region (Russian Federation), which is at the moment controlled by SStarTrade SA, which in turn is owned 74% by the Issuer. The Issuer now is concentrating on the primary business of organizing the business plan, organizing the survey work as soon local conditions improve after the ground has consolidated after spring thaw, financing and execution of the project aiming at extraction of ore gold in the Trans-Baikal Territory of the Russian Federation.
