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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2388)	6/19/2012 10:09:10 AM
From: Glenn Petersen	Respond to of 3862

An update from India Globalization (stock symbol: IGC): InPlay 8:43AM India Globalization Capital announced MOU to acquire a mine inner Mongolia for $4.4 mln and provided an update on operations in China ( IGC) 0.23 : Co announced that it has entered into an MOU to acquire an iron ore mine site. IGC entered into an MOU to acquire a mine site adjacent to its existing iron ore mines in China. The acquisition gives IGC four sites from which to beneficiate low grade ore and process it into high-grade iron ore. Based on current pricing of $110 per ton, this site has estimated reserves of 66 percent grade iron ore valued at over $50 million. When complete, this acquisition will raise co's combined estimated iron ore reserves on the four properties in Linxi, Inner Mongolia to approximately $600 million based on today's pricing. The purchase price for this property is $4.4 million. Based on co's agreement, co's has two years to deliver either 4.4 million shares of IGC stock at a market value of $1.00 per share or $4.4 million. "Our financial results for our fiscal year, which ended in March 2012, and our first quarter for the current fiscal year will not be profitable due to the integration delays and investments we have made as discussed above. We however, remain confident that we can make up the lost time and post a profitable fiscal 2013. We plan on providing an update on our India operations prior to the end of this current quarter." The press release: finance.yahoo.com