Barisan Gold plans corporate restructuring
Wednesday, July 20 2016 - 03:35 PM WIB
?In association with this transaction, Barisan Gold will undertake a number of organizational changes to best align the company going forward,? the TSX-listed company said in a statement.
?These are anticipated to include a change of company name, a change of officers and directors, a consolidation of shares of the company, and the placement of all Indonesian assets to an independent trust which will seek to maximize the value of such assets to the benefit of company and its other stakeholders,? explained the company, which owns and operates a number of gold and gold-copper properties in Indonesia?s Aceh province.
The company said that an annual extraordinary general meeting of shareholders will be organized, in short order to approve the transactions and other motions.
In addition, the company announced that it will issue 2,214,380 (pre-consolidation) common shares to certain directors and officers at $0.05 per share (pre-consolidation) for the settlement of C$110,719 of company expenses and debt incurred over the past 2 years and 10,331,990 (pre-consolidation) common shares to Indonesia Exploration Ltd. at $0.05 per share (pre-consolidation) for the settlement of C$516,600 of payables.
Barisan Gold said in the statement that it has entered into an agreement with DG Resource Management to acquire 100 percent interest in the Railroad Valley Lithium Property located in Nevada, and the Black Canyon Lithium Property located in Arizona.
Editing by Reiner Simanjuntak