Key Developments: Formation Metals Inc (FMETF.PK)

FMETF.PK on OTC Markets Group

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22 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Dundee Drops Lawsuit Against Formation Metals
Thursday, 29 May 2014 08:00am EDT 

Formation Metals Inc:Says Dundee Corp files a consent dismissal order of the Petition proceedings with the Supreme Court of British Columbia to dismiss the proceedings against Formation and all other respondents.All parties of record to the proceeding have agreed to the dismissal of the Petition without costs to any party and the dismissal order has been sent for filing with the Supreme Court of British Columbia.  Full Article

Formation Metals Inc announces key appointments and changes to Board Of Directors
Thursday, 16 Jan 2014 07:30am EST 

Formation Metals Inc:Says the Board of Directors has reached an agreement, effective Jan. 15, with Mari-Ann Green, Scott Bending and William G. (Bill) Scales whereby these executives will relinquish their positions as CEO, President, and Executive Vice President, respectively and resign from the Board of Directors.Says Paul Farquharson, previously CFO, has been appointed Interim President and CEO.Says Marc Tran is appointed as CFO.Says Green and Messrs. Bending and Scales have agreed to provide consulting services to assist the Company during this transitional phase.  Full Article

Formation Metals Inc Secures Proceeds of USD12 Million From Sale Of Refinery
Friday, 11 Oct 2013 12:30am EDT 

Formation Metals Inc announced that it has completed the sale of all of the shares of its indirect wholly-owned subsidiary Formation Metals, U.S. (FMUS), whose primary asset is the Sunshine Precious Metals Refinery (the refinery), to Silver Opportunity Partners LLC, a wholly owned subsidiary of Sunshine Silver Mines, (SSM) for USD12 million cash as per the Company's news release dated September 16, 2013.  Full Article

Formation Metals Inc Sells Refinery For USD12 Million
Monday, 16 Sep 2013 10:40am EDT 

Formation Metals Inc announced that it has entered into a share purchase agreement, to sell all of the shares of its indirect wholly-owned subsidiary Formation Metals, U.S., whose primary asset is the Sunshine Precious Metals Refinery, to Silver Opportunity Partners LLC, a wholly owned subsidiary of Sunshine Silver Mines, for USD12 million. The Sale is expected to conclude on or before October 10, 2013. A USD500,000 deposit has been placed in escrow by SSM and is non-refundable in the event that SSM breaches the contract and causes the Sale not to conclude.  Full Article

Formation Metals Inc Terminates Refinery Sale Agreement With Waterton
Wednesday, 26 Jun 2013 07:30am EDT 

Formation Metals Inc announced that it has advised certain entities that are associated or affiliated with Waterton Global Resource Management, Inc that the agreement outlined in the Company's news release of June 6, 2013 regarding the potential sale of its Sunshine Precious Metals refinery, copper refinery and certain lands at the Big Creek Hydrometallurgical Complex in Shoshone County, Idaho is terminated. Among other things, and as set forth in the Company's June 6th news release, the Letter Agreement required negotiation of the definitive acquisition agreement and completion of the transaction by June 20, 2013, unless mutually extended, as well as any required regulatory approvals. As also noted, Cormark Securities Inc. has been engaged to provide a fairness opinion on the transaction. A definitive acquisition agreement was not executed by June 20, 2013 to complete such an agreement and the parties have not agreed to an extension.  Full Article

Formation Metals Inc Enters Binding Letter Agreement to Sell Refinery for $9.0 Million Cash
Thursday, 6 Jun 2013 01:52pm EDT 

Formation Metals Inc announced that it has entered into a binding Letter Agreement to sell, for $9.0 million in cash, 100% of its Sunshine Precious Metals refinery, copper refinery and certain lands at the Big Creek Hydrometallurgical Complex (the Complex) in Shoshone County, Idaho, to certain entities that are associated or affiliated with Waterton Global Resource Management, Inc. (Waterton). The sale of the Complex is not expected to have a significant impact on the future development of the Idaho Cobalt Project (ICP).  Full Article

Formation Metals Inc Issues $5 Million Convertible Note As Part Of Larger Planned Project Financing
Wednesday, 17 Oct 2012 07:30am EDT 

Formation Metals Inc announced that that it has issued a secured convertible note (the Note) in the principal amount of $5,000,000 to a strategic private investor (the Investor). The Note bears interest at 8% per annum. It matures one year from the date of issuance, subject to acceleration in certain events and the Company's right to prepay the Note (in whole) at any time, without premium or penalty. The Note is convertible, in whole or in part, at the option of the Investor into common shares of the Company at a conversion price of $0.50 per share (or, in the case of interest, the greater of $0.50 per share and the market price of the shares at the time of conversion). The Investor does not have the right to convert amounts under the Note into more than 9.9% of the Company's outstanding common shares. The Note is secured by certain assets of the Company. Such security will be released upon repayment or conversion of all amounts due on the Note.  Full Article

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