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2013 Open Offer Share Subscription
2013-10-07

A general meeting of shareholders will be held on Thursday, 24th October 2013 at 3.30 pm at The Gresham Hotel, O’Connell Street, Dublin 1 


A general meeting of shareholders will be held on Thursday, 24th October 2013 at 3.30 pm at The Gresham Hotel, O’Connell Street, Dublin 1 to discuss the future of the Company and its financial position. An Open Offer is being put to shareholders to subscribe for new ordinary shares of £0.01p at par. The closing date for receipt of funds is Friday, 1st November 2013.

The Company has written to all shareholders with the reasons for the fund raise and the business issues it is facing. Various corporate options are tabled each with a specified sum required to complete its actions. The Board is unable to deliver on its business strategy including pursuit of potential joint ventures, asset acquisitions, collaborative partnering or a listing on the GXG Market. 

Moreover, Saint Barbara LLP, a London firm of consulting geologists, must be engaged to independently assess the 2007 CPR under new guidelines JORC is considering. The potential prospectivity of the Montezuma gold property must be determined against proposed guidelines in the reporting of a resource before partnering options are initiated.