As announced in a Press Release dated June 20, 2010, a Form 8-K was filed with morning in respect to the agreement reached with the Company's largest stockholder and sole creditor. The Form 8-K may be accessed through this link:
This agreement with Sloane, Investments, Inc. provides for:
- The sale of the Company's shares of Bouse Gold, Inc. and South Copperstone, Inc. by no later than August 6, 2010.
- The proceeds from these sales to be received by the Company by no later than August 12, 2010.
- That the Long Term Debt due by the Company to be settled to Sloane Investments, Inc. by no later than August 13, 2010. This debt to be settled from a small portion of the sale proceeds.
- That Sloane Investments, Inc. has provided the Company with a very short term financing facility to allow the Company to complete the sale of its Gold Interests, pay ongoing costs and to fund the payment of an Extraordinary Dividend of these sale proceeds.
- The Company has to settle the balance owing on the short term financing facility by no later than August 31, 2010. Sloane Investments, Inc. expects that the Company will have no further financing requirements past this date.
The interests of Sloane Investments, Inc. are clearly aligned with those of the general body of stockholders insofar as they wish this deal to be completed without any further delays.
Whilst the terms imposed upon the Company by Sloane Investments, Inc. are fairly onerous, we are very confident that these dates are easily achievable and this is after discussions between ourselves and the Purchaser. Sloane Investments, Inc. is satisfied with the terms and conditions of the agreed upon transaction in respect of the sale of the Company's Gold interests and understands that the Purchaser's Auditors require an additional few days to a week to sign off on this transaction.
Many shareholders have inquired as to reason for the delays in our accomplishing the final execution of this transaction. In summary the delays have been extended by the necessity of allowing the Purchaser's Auditors to complete their audits and other material events undertaken by the Purchaser. No other reasons whatsoever have delayed the sale process. The Purchaser's Auditors are not performing any due diligence in respect of the Purchaser's transactions with ourselves, the Purchaser's Auditors are simply now revising the Financial Statements of the Purchaser to account for their acquisition of the Company's Gold interests as well as other transactions which they are concluding simultaneously with these transactions with ourselves.
The Purchaser has indicated that they are of the view that their ability to complete upon the execution of these Sale and Purchase Agreements is imminent and has now undertaken to obtain a final completion date from their external Auditors. Upon our receipt of that date, we shall immediately communicate this information to our stockholders.
This agreement with Sloane Investments, Inc. does not constitute any delay whatsoever in our execution of the sale of this Company's Gold interests. To the contrary, it has now placed the Company under enormous pressure to execute these sales agreements without further delays. The Company reiterates that it is now extremely confident that it will meet the deadlines imposed by Sloane Investments, Inc.
I find it hard to believe how you all can have so much faith in that this company will deliver. (I mean deliver anything but BS press releases that they have proved,alone, such releases have little, if any, value especially on 'pinkys').
If there is any truth in the saying 'a leapard never changes its spots, then don't hold your breath.
The attitude to take is the same as a citizen of Missouri - the 'show me' State. Bon Chance!
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