Business
MetalQuest Minerals Completes Asset Divestiture
Appoints Chief Financial Officer, Vice President Corporate Communications tsx.v: MQ, Frankfurt: T...
About this update from South Star Battery Metals Corp
[{"type":"text","content":"\n\n\n\nAppoints Chief Financial Officer, Vice President Corporate Communications\n\n\ntsx.v: MQ, Frankfurt: T9N\n\n\nVANCOUVER, March 6 /CNW/ - MetalQuest Minerals Inc. ("MetalQuest" or the\n"Company") has completed the Company's asset monetization strategy whereby\nthree Mexican properties (the Santa Gertrudis, San Enrique and Greta assets)\nhave been sold to Animas Resources Inc. ("Animas"). The San Enrique and Greta\nproperty sales have now closed, following the previously announced closing of\nthe Santa Gertrudis sale (July 11, 2007). In consideration of the Santa\nGertrudis sale, the Company received a US $650,000 cash contribution on\nclosing in July 2007, was issued a total 1,500,000 shares in Animas subject to\nescrow release every 6 months (of which 375,000 shares are currently free\ntrading), and awaits three additional payments of US $500,000 equivalent in\ncash or stock to be issued in each of July 2008, 2009, and 2010. In\nconsideration of the San Enrique and Greta property sales, the Company will\nreceive US $450,000 equivalent in stock, priced on the 30 day average trading\nprice of Animas as of the closing date (CAD $1.44).\n\n\nPresident, CEO, and Director Dave McMillan adds he is pleased the\nmonetization of these assets is finally complete. "Animas has built a strong\nteam with real exploration and development potential and the Company is\npositioned to benefit from their success and provide new opportunity for\nshareholders. Having restructured, MetalQuest has approximately 25 million\nshares outstanding, 34 million fully diluted, approximately $500,000 cash in\nthe treasury and the aforementioned financial assets which will allow us to\ncontinue our evaluation of potential merger, acquisition, and exploration\nopportunities in both British Columbia and Peru. The RHG property also remains\nin good standing with drilling considered for summer 2008."\n\n\nThe Company appoints Mr. Marc Tran B.Comm, B.A. as Chief Financial\nOfficer, and Mr. Chad McMillan B.A. as Vice President Corporate\nCommunications. Mr. Harold Forzley, C.A., formerly Chief Financial Officer is\nnow Corporate Secretary and remains a Director of the Company.\n\n\nMr. Tran graduated from the University of Calgary with a Bachelor of\nCommerce in finance and a Bachelor of Arts with a focus on energy and nat...