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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (5073)	2/14/2014 9:15:13 PM
From: Goose94	Respond to of 202922

SGC-V new 52 week high, 30.5 cents

To: Goose94 who wrote (5073)	6/27/2014 5:49:28 PM
From: Goose94	Read Replies (1) \| Respond to of 202922

Sunridge Gold (SGC-V) June 27, '14 and the Eritrean National Mining Corp. (Enamco) have executed a shareholders agreement to organize and operate the Asmara Mining Share Company (AMSCo), the operating entity which will own and operate the Asmara copper-zinc-gold mining project in Eritrea. AMSCo will be owned 60 per cent by Sunridge and 40 per cent by Enamco (30-per-cent participating and 10-per-cent free-carried interest), and will have a board of directors of five, comprising three from Sunridge and two from Enamco. All future project development or exploration costs will be shared two-thirds Sunridge and one-third Enamco. Michael Hopley, president and chief executive officer of Sunridge, said: "Signing the AMSCo shareholder agreement is another major milestone that we have now achieved in the development of the Asmara mine. The payments from Enamco to Sunridge totalling $5-million (U.S.) over the next few months, together with the relief from having to fund our in-country programs through AMSCo for the next $6-million (U.S.) of expenditures, will provide Sunridge with a healthy treasury. We are very pleased to have Enamco as our partner and look forward to a continued close working relationship." On Feb. 4, 2014, Sunridge announced that it had signed a binding term sheet for the purchase of the 30-per-cent participating interest pursuant to which Enamco agreed to pay Sunridge $18.33-million (U.S.) in stages prior to production. Pursuant to the shareholders agreement, Enamco has now agreed to pay the first $5-million (U.S.) of the purchase price on the following accelerated schedule: $2-million (U.S.) to be paid immediately on signing the shareholders agreement; $1-million (U.S.) by Sept. 30, 2014; $1-million (U.S.) by Oct. 30, 2014; $1-million (U.S.) by Nov. 30, 2014. The balance of $13.33-million (U.S.) will be paid in instalments, beginning upon signing a finance agreement that secures a significant portion of the financing required to develop the property: $6-million (U.S.) to be paid upon on signing the financing agreement; $4-million (U.S.) to be paid six months after signing the financing agreement; $3.3-million (U.S.) to be paid 12 months after signing the financing agreement. In the shareholders agreement, the parties have agreed that Enamco will contribute one-third of the financing of expenditures on the project, including exploration and development retroactive to July 4, 2012, the date Enamco delivered its notice of intention to exercise its full purchase option. Since then, Sunridge has contributed approximately $12-million (U.S.) to the project, and now Enamco has agreed to finance the next approximately $6-million (U.S.) to AMSCo for its portion of retroactive contributions to the project. The terms of the shareholders agreement also contain all the normal provisions regarding the governance and operations of AMSCo.