Business
Solid announces suitability review of senior mining consultant and related halt
Solid announces suitability review of senior mining consultant and related halt.
About this update from Regenx Tech Corp
[{"type":"text","content":"\n\n\n\nEDMONTON, June 21 /CNW/ - The TSX Venture Exchange has advised Solid\nResources Ltd. ("Solid" or the "Company") that it has commenced a review of\nMr. Alvin Harter's suitability to be associated with the Company and that\npending clarification of that association, the Company's stock will remain\nhalted. Since Mr. Harter's resignation as President, Chief Executive Officer\nand Director in February of this year, he has had no material responsibilities\nin respect of Solid but has been the Company's Senior Mining Consultant and\nhas provided mining advice to the Company in respect of its mining properties\npursuant to the terms of an oral consulting agreement. Mr. Harter's\nremuneration under this oral consulting agreement was $12,000 per month, the\nsame as what Mr. Harter received while an officer of the Company. In response\nto the suitability review, the Company has voluntarily put Mr. Harter's\nconsulting agreement in abeyance on an interim basis; during such period, Mr.\nHarter will not provide services to the Company and he will not be paid any\ncompensation. The Company is committed to assisting the TSX Venture Exchange\nin its suitability review with a view to having trading re-instated as soon as\npossible.\n\n\nThe Company currently has two signatories authorized with its Bank. Prior\nto the execution of the Settlement Agreement described below, the Company\ncommenced formal procedures with its Bank to remove Mr. Harter's signing\nauthority. This process is now complete.\n\n\nConcurrent with the Company, Mr. Harter entered into a settlement\nagreement and undertaking (the "Settlement Agreement") with the Alberta\nSecurities Commission (the "ASC") regarding the ASC's Docket E01027 hearing\nscheduled for June 14, 2007. Pursuant to the terms of the Settlement\nAgreement, Mr. Harter undertook to:\n\n\n(a) pay to the ASC $45,000 in settlement fees and costs;\n\n(b) refrain from trading in or purchasing securities for a period of\n 5 years, except for trades in or purchases of securities where Mr.\n Harter is the principal, and which are effected through his account\n held with a registered dealer to whom he has first provided a copy of\n the Settlement Agreement;\n\n(c) refrain from using any exemptions in the Alberta securities laws for\n a period of 5 years, except in respect...