If the request is approved by the proper authority, the Agreement Process may continue; however, SAGC
may designate a legal advisor to serve on the negotiation team.
With King-king now fully permitted, we have considerably strengthened our ability to secure financing and proceed and next phase of King-King's development, including the completion of a feasibility study,' SAGC president and chief executive Paolo A.
Villar said SAGC was training its sights on structuring financing arrangements with strategic parties and major financial institutions; moving forward to other permitting-related efforts; continuing efforts to re-classify King-king project lands for industrial use; and advancing critical work needed 'to bring the King-king project to a more advanced stage,' including the feasibility study mentioned.
A 2,000-m, 18-hole percussion-drill program by SAGC
established by inference that the source mineralization is not widely distributed and has come from vein structures.
Villar said that following the approval earlier of the Declaration of Mining Project Feasibility (DMPF), Nadecor and SAGC would work cooperatively to advance the project to construction to be followed by operation of the mine.
Nadecor and SAGC expect to extract from King-king 3.
A planned merger between SAGC
and LVDG has been cancelled by the Board of Directors of both companies.
4 shares of LVDG common stock for each share of stock of SAGC
it does not own resulting in 9,431,807 total shares outstanding.
Separately, SAGC expects that the proposed merger will be a tax-free exchange for SAGC shareholders.
Ron Boreta, current president and chief executive officer of SAGC, will become president and chief executive officer of AASP and Voss Boreta would remain as chairman of AASP.
The company is currently operating as a holding company and owns 2 million shares of SAGC
common stock and 100% of the common stock of LVDGT Rainbow Inc.
Upon completion of the asset sale, officers of both companies have agreed to merge, with SAGC
being the surviving company.