7mln to shareholders from May 18

Ngày đăng: 26/06/2010 | Lượt xem: 1004

7mln to shareholders from May 18

Sunridge Gold Corp (CVE:SGC) said on Monday it will distribute around $88.7mln to its shareholders starting on May 18.

The estimated total will comprise of two distributions, with the second payment expected on November 4.

Sunridge will apply to the TSX Venture Exchange to have both its shares and share purchase warrants delisted from trading effective at the close of trading on May 13, to allow the trades to settle in advance of the record date.

As part of the company’s reorganisation for the next six months until dissolution Craig Angus, Neil O’Brien and Steve Gatley will resign from the board of directors of Sunridge on the delisting date to leave four directors on the board.

In addition, with effect on April 30, employment was terminated for Scott Ansell (vice president of project development), David Daoud (VP, exploration and geology) and Greg Davis (VP, business development).
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As announced on April 26, the company was paid a total of $68.6mln net of taxes paid to the government of Eritrea on closing the sale of Sunridge’s 60% interest in the Asmara Mining Share Company (AMSC) to Sichuan Road Bridge Mining Investment Development Corp. Ltd. (SRBM). The second and final instalment of $7.33mln from SRBM, which is secured by a bank guarantee, is required to be paid to Sunridge by Oct. 26.

On Jan. 22, the shareholders of Sunridge approved the distribution of the net proceeds of the sale of AMSC as a return on capital to the shareholders in two tranches and after having satisfied all the liabilities of the company to be followed by the voluntary dissolution of Sunridge.

It has been assumed in this calculation that all stock options and share purchase warrants that have an exercise price of under 35 cents per share will have been exercised before the record date. This first distribution will therefore be adjusted by the actual proceeds from exercise of outstanding stock options and share purchase warrants, and the actual amount of the previously announced two cent payment made to warrant holders of record on the record date for the cancellation of listed share purchase warrants that have not been exercised before the record date.

As it is not yet known what the bank buy rate of US dollars will be on the payment date of the first distribution or how many stock options and/or share purchase warrants will be exercised before the record date, it is not possible to state with certainty the exact amount of the first distribution. The company will announce the actual adjusted amount on May 16.

This first distribution will be paid to shareholders of record on the record date by the company’s transfer agent approximately three business days from the record date. On that same day, the company’s transfer agent will pay the warrantholders of record on the record date a cancellation fee of two cents.

The second distribution is expected to be paid to the same shareholders of record on the record date on or about Nov. 4, 2016. The amount to be distributed will include the final principal and interest of the deferred payment, combined with any remaining cash after all remaining obligations of the company have been settled and is currently expected to be a further four to five cents a share.if (document.currentScript) {