, 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.
announced the definitive stock purchase agreement in mid-January without providing information on deal terms.
In addition, Western and VHGI
are discussing the possibilities of forming a joint venture to further develop the Treasure Gulch Mine.
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.
Indianapolis-based MacAllister Machinery, which bills itself as "Indiana's Caterpillar dealer," sued VHGI, Lily and Lily founder Rick Risinger in Greene County Circuit Court in late June, claiming it was owed more than $1 million in unpaid bills for construction equipment used to build Landree.
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.