The Investment Groups have made an offer to Fortress Financial Group, Inc. to acquire their entire stockholding in Hunt Gold Corporation. The Board of Directors of Fortress Financial Group, Inc. has agreed to this disposal, subject to the price per share being acceptable to themselves, and that the entire holding be purchased in full and paid for in cash.
It is expected that this deal could be consummated within days.
Jul 16, 2008 -- Hunt Gold Corporation
So, the shares will be purchased by these "investment groups" and the buy-back will be done by Hunt Gold on the open market.
The Company plans to expend as much as US$10 million on its stock repurchases.
The only "free trading" shares of the Company are in the hands of Fortress Financial Group, Inc. stockholders who received these shares of the Company's Common Stock as a Stock Dividend from Fortress Financial Group, Inc. early this year. No Company Insiders, Associates nor Affiliates hold any "free trading" shares of the Company's Common Stock whatsoever; nor have they ever held any "free trading" shares of the Company's shares of Common Stock.
The Board of Directors of the Company is aware that Fortress Financial Group, Inc. holds an amount of 483 million shares which are eligible to be "free trading" and that Fortress Financial Group, Inc. has been inundated with offers for these shares of the Company's Common Stock. The Board of Fortress Financial Group, Inc. has advised the Company that they have absolutely no intention whatsoever of disposing of these shares at the Company' current stock price level. Should they elect to accept an offer stockholders will be notified immediately.
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