Borneo Resource completes Form 10 review
Thursday, January 24 2013 - 03:31 AM WIB
US-listed holding company for investment platform Borneo Resource Investments Ltd recently stated it has received confirmation from the U.S. Securities and Exchange Commission for having successfully completed the review process for Form 10.
"With the successful completion of the Form 10 review process, our common stock is now traded on the OTCQB marketplace tier, a marketplace reserved for companies registered and fully reporting with the Securities and Exchange Commission," Chairman and CEO of Borneo Resource Investments Ltd. Nils Ollquist said in a statement made available to the exchange.
He also said that Borneo continues to hold its thermal coal concession holdings and rights. Recently, Borneo has also begun to expand its concession acquisition activities in Indonesia to include precious metals.
"We are currently evaluating a number of gold concessions, specifically around the City of Manado in the North Sulawesi Province. We anticipate that we will be able to announce specifics with regard to these concession assets over the course of the next 3 months," Nils said, adding that efforts to secure working capital and project financing, for the development of existing projects or new acquisitions "should begin to see results during the first quarter of 2013."
The company recently initiated new discussions with its coal trading partners to exploit trading opportunities in 2013, which agreements are expected to be reached during the first quarter of 2013 followed by revenue generation from trading activities to start during the second quarter of 2013.
Editing by Er Audy Zandri