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Castle Peak Provides Update on Sale Transaction and New Directors
Castle Peak Provides Update on Sale Transaction and New Directors Canada NewsWire ...
About this update from Akwaaba Mining Ltd
[{"type":"text","content":"\n\n\n\nCastle Peak Provides Update on Sale Transaction and New Directors\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, Nov. 2, 2017\n\n\n\nVANCOUVER, Nov. 2, 2017 /CNW/ - Castle Peak Mining Ltd. (\"Castle Peak\" or the \"Company\", TSXV: CAP) is pleased to announce that at the Annual General and Special Meeting of the Company on October 19, 2017 (the \"Shareholders' Meeting\"), the shareholders of the Company approved the sale of the Company's exploration interests in the southern Ashanti Belt, Western Region, Ghana to Star Goldfields Ltd. (the \"Transaction\") for proceeds of an aggregate of US$4,250,000 in cash.\n\nThe closing of the Transaction is expected to take place in November 2017, following satisfaction of certain conditions precedent set out in the Share Purchase Agreement dated July 31, 2017 between Castle Peak and Star Goldfields Ltd. (the \"Agreement\") which remain outstanding.  The parties have agreed to extend the term of the Agreement to November 30, 2017. \n\nAs previously disclosed, following completion of the Transaction, the Company will not have any active business operations or assets other than cash. At the Shareholders' meeting, the shareholders approved certain alternatives which may be carried out at the directors' discretion, including distribution of the Company's assets and dissolution of the Company.  The Board of Directors of Castle Peak intends to explore potential strategic alternatives following the closing of the Transaction and will update shareholders when any decisions are made. There can be no assurance that such exploration of strategic alternatives will result in a transaction being pursued, entered into or consummated.  The TSXV may transfer Castle Peak to the NEX, a separate board of the TSXV if Castle Peak fails to meet the ongoing minimum listing requirements of the TSXV. \n\nAt the Shareholders' Meeting, two additional directors, Iyad Jarbou and Michael Novak were elected.  In addition, following the Shareholders' Meeting, Jurgen Eijgendaal has informed the Company t...