Key Developments: New World Resource Corp (NW.V)
23 Apr 2015
Latest Key Developments (Source: Significant Developments)
New World Resource Corp New World Resource Corp announced that it has entered into an agreement (the Agreement) with Fondo de Inversion Privado EPG Exploracion Minera (EPG Exploration Fund), a private equity fund managed by EPG Partners S.A., in Santiago, Chile. As part of the Agreement, New World can acquire up to 40% interest in the Agua Grande gold-copper project (Agua Grande or the Project) located in Region IV of Chile from Sociedad Contractual Minera Agua Grande (the Vendor). Pursuant to the Agreement, EPG Exploration Fund must invest USD1,000,000 for 60% interest in New World's Chilean subsidiary, Minera Asturias SpA (Asturias) and New World must invest USD115,000 upon Asturias closing an agreement to acquire up to 100% interest in the Project. Asturias will form a technical committee whereby the Company will have the right to elect one out of four members and all technical committee decisions will require a simple majority (51%). Asturias has entered into an option agreement with the Vendor to acquire up to 100% interest in the Project by paying USD9,000,000 (USD150,000 paid) over 54 months. The proceeds received by Asturias will be used for payments to the Vendor, exploration programs and general working capital of Asturias. Future Vendor payments, exploration programs and general working capital of Asturias will be borne by each New World and EPG Exploration Fund on a pro rata basis. Upon Asturias earning its 100%, the Vendor will retain a 1% Net Smelter Return Full Article
PRAGUE, Jan 30 - Czech hard coal miner New World Resource's (NWR) OKD business will aim to reduce its workforce by hundreds of people this year because of falling production, the company said on Friday.