Sun River Mining, Inc. Announces Debt Settlement Agreement
DENVER, Jun 27, 2001 (BUSINESS WIRE) -- Sun River Mining, Inc., currently
traded on the Pink Sheets under the stock symbol SUNR, is pleased to announce
that Switchback Venture Group LLC has entered into a Settlement Agreement with
the North Dakota creditors to settle Sun River's debt to that group.
As of June 18, the liability was agreed, by the North Dakota Group and
Switchback, to be $171,600. Under the terms of the agreement, Switchback has
until July 18, 2001, to pay the North Dakota group $75,000 in exchange for 1.5
million shares of SUNR common stock that have previously been escrowed as
collateral for the debt. Switchback then has 180 days from July 18 to deliver an
additional $25,000, which would settle the debt in full. In exchange for
settling the North Dakota debt in full, Sun River management has agreed to
transfer management control of the company to Switchback once the initial
$75,000 payment has been made. Sun River is currently in the process of
responding to SEC comments on their Form 10SB in an attempt to be re-listed on
the OTCBB.
Switchback Venture Group LLC is a group of current and former Sun River
shareholders assisting the company in achieving its goals of returning to the
OTCBB and securing assets that will return value for current and future
shareholders.
CONTACT: Sun River Mining, Inc.
Randy A. McCall, 308/728-3509
URL: businesswire.com
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KEYWORD: COLORADO NORTH DAKOTA
INDUSTRY KEYWORD: MINING/METALS
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