, in an October 1 filing with the Securities and Exchange Commission, blamed the bankruptcy filing on "the failure of Hassan Alshaban Principal and AI Rami PureAl Rami Pure LLC to perform under the terms of the agreed upon renegotiated terms of the equity investment agreement." The apparent investors in the company could not be reached for comment.
announced the definitive stock purchase agreement in mid-January without providing information on deal terms.
"With our funding in place, we have accelerated the pace of development with the hiring of additional personnel, bringing our total work force to 66 employees," said Rick Risinger, CEO, VHGI
Last spring, VHGI
Coal said it successfully tested its on-site rail delivery system by making an initial shipment to IP&L on March 25.
"We see this as an outstanding opportunity to expand VHGI
's footprint with an experienced and professional team and to create significant value for our shareholders."
and Rick Risinger, the sole shareholder of the mining company, are in the process of completing the definitive transaction documents and achieving the various bank, third-party and regulatory consents necessary to complete the transaction.
Eric Leonetti, vice president/COO of VHGI
Gold, said, 'Within Phase 1 of our plan to explore the Sun Gold claim group we had our geologist (Mr.