Key Developments: SolGold plc (SOLG.L)
1.50GBp
29 Apr 2013
0.22p (+16.98%)
1.33p
1.30p
1.55p
1.35p
3,059,827
1,123,361
8.65p
1.02p
Latest Key Developments (Source: Significant Developments)
SolGold plc Appoints Mr. Alan Martin as New Chief Executive Officer
SolGold plc announced the appointment of Mr. Alan Martin as Chief Executive Officer of SolGold plc and its subsidiaries, with immediate effect. Mr. Nicholas Mather will continue to remain as an Executive Director of the Company to assist Mr. Martin during a transitional phase over the next 12 to 24 months. Mr. Martin brings to SolGold plc more than 20 years of technical, commercial and financial investment experience in the Australian resources industry. Full Article
SolGold plc Announces Board Change
SolGold plc announced that Mr Cameron Wenck has resigned from his position as Non-Executive Chairman of the Company, effective immediately. Full Article
SolGold plc Enters Into Agreement With Cornerstone Capital Resources Inc
SolGold plc announced that agreement has been reached with Cornerstone Capital Resources Inc in respect of re-negotiated terms to acquire a majority interest in the promising Cascabel copper gold porphyry project in Northern Ecuador. The re-negotiation provides for SolGold to be immediately registered as a shareholder in ENSA, the Cornerstone subsidiary that holds the exploration licence at Cascabel, provides upside from La Encrucijada as well, and affords SolGold the right to 85% of the project (up from 65%) for a reduced expenditure of CAD2.5 Million on the project (down from CAD7.8 Million). Under the new agreement: SolGold will immediately subscribe for Cornerstone shares at the higher of 5 cents a share or the 7 day Volume Weighted Average Price (VWAP) for a subscription amount of CAD200,000 and be issued a 20% direct interest in ENSA, an Ecuadorian subsidiary of Cornerstone holding the Cascabel and La Encrucijada projects. By March 24, 2013 SolGold may acquire a further 10% interest giving it a direct 30% interest in ENSA by subscribing for a further CAD250,000 to Cornerstone shares at the higher of 5 cents a share or the 7 day VWAP. SolGold may increase its interest in ENSA to 85% by: Completing a 2,500metre drilling program capped at CAD2.5Million including expenditure to date by SolGold; SolGold subscribing CAD250,000 at the higher of 5 cents or 7 day VWAP to shares in Cornerstone; SolGold issuing Cornerstone with C$500,000 in SolGold shares priced at the 7 day VWAP. Full Article
SolGold plc Announces Resignation of CEO and Managing Director
SolGold plc announced that its Chief Executive Officer and Managing Director, Mr. Malcolm Norris, has resigned from his post. The Company also announced that Mr. Nicholas Mather will continue as the Executive Director of the Company during a transitionary period until a new CEO is appointed. Full Article
SolGold plc Announces Private Placement
SolGold plc announced that the Company has entered agreements for a placing of 21,972,143 shares at GBP0.035 per share for gross proceeds of AUD1.14million with UK institutional and other UK and Australian third-party investors. The raising was led by Fairfax IS in the UK, with assistance from RBS Morgans in Australia. The shares are expected to be admitted to trading on AIM on October 12, 2012. The Company intends to use the funds raised to continue to progress its exploration and project development efforts across its portfolio of projects in the Solomon Islands, Ecuador and Queensland, Australia. Full Article
SolGold plc Announces Placement 55.5 Million Shares At GBP0.035 To Raise AUD3Million
SolGold plc announced that the Company has entered agreements for a placing of 55,555,556 shares at GBP0.035 per share for gross proceeds of AUD3million with institutional and private investors. The raising was underwritten by Mather Investments (Qld) Pty Ltd, an entity associated with SolGold Executive Director, Nicholas Mather. The shares are expected to be admitted to trading on AIM on October 8, 2012. The Company intends to use the funds raised to continue to progress its exploration and project development efforts across its portfolio of projects in the Solomon Islands, Ecuador and Queensland, Australia. Full Article
SolGold plc Signs Definitive Option Agreement With Cornerstone Capital Resources Inc.
SolGold plc and Cornerstone Capital Resources Inc. announced that they have signed a definitive option agreement finalizing the terms of an option/joint venture arrangement for Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador and replacing their letter of intent announced on April 10, 2012. The Cascabel property is located in the same belt, and approximately 70km to the north, of the Junin porphyry copper deposit (982Mt at 0.89% copper), and in the same belt and 550km south of the giant La Colosa gold porphyry system (24Mozs gold in resources). Solomon Gold may acquire up to 85% of the Cascabel project through an earn-in for an initial 65% interest in the Cascabel property by making a series of private placements in Cornerstone totaling CAD850,000, and spending USD7.8 million on exploration over four years (including USD800,000 in the first year if drilling commences), and an additional 20%, (taking its interest to 85%) by funding further work towards completion of a bankable feasibility study, capped at an expenditure by SolGold of USD20 million. SolGold and Cornerstone have agreed to an aggressive first year exploration program totalling USD2.8 Million (covering the period May 2012 through April 2013). Exploration activities commenced in May 2012. Full Article
SolGold plc Announces 33.3 Million Shares at GBP0.04 to Raise AUD2 Million
SolGold plc announced that the Company has entered agreements for a placing of 33,333,333 shares at GBP0.04 per share for gross proceeds of AUD2,000,000 with institutional and private investors. The shares are expected to be admitted to trading on AIM on July 17, 2012. The Company intends to use the funds raised to continue to progress its exploration and project development efforts across its portfolio of projects in the Solomon Islands, Ecuador and Queensland, Australia. The Company now has a total of 346,715,267 fully-paid ordinary shares and 10,472,000 options exercisable at 50p on issue. Full Article
Solomon Gold plc Announces Name Change To SolGold plc
Solomon Gold plc announced a change to the Company's name from Solomon Gold Plc to SolGold plc, with immediate effect. As part of name change, the Company e-mail addresses will become first_initiallast_name@solgold.com.au (the existing e-mail addresses will also continue to operate for the foreseeable future). The Company's web domain will change to www.solgold.com.au. Full Article
Solomon Gold plc And Cornerstone Capital Resources Inc. Sign Letter Of Intent For Cascabel Gold-Copper-Silver Property, Ecuador
Solomon Gold plc and Cornerstone Capital Resources Inc. announced that they have signed a binding Letter of Intent (LOI) whereby Solomon Gold may acquire up to 85% of Cornerstone's 100% owned 5,000 hectare Cascabel gold-copper-silver property in northern Ecuador. Under the terms of the LOI, Solomon Gold is entitled to earn an initial 65% interest in the Cascabel property by: making an initial CAD200,000 private placement in Cornerstone common shares based on the TSXV 30 day volume weighted average price (VWAP) within 30 days of the execution of a definitive option agreement embodying the terms of the LOI; spending USD7.8 million over 4 years (including USD800,000 in the first year if drilling commences); within 60 days of the commencement of drilling on Cascabel, making a private placement in Cornerstone common shares of CAD150,000 and issuing Solomon Gold ordinary (i.e., common) shares to Cornerstone with a value equal to CAD150,000 (both based on 30 day VWAP); and making a final private placement in shares of Cornerstone of CAD500,000 priced at 30 day VWAP plus 20% on or before the 4th anniversary of the execution of the definitive option agreement. All private placements shall be subject to Stock Exchange approval. Prior to Solomon Gold earning its initial 65% interest, Cornerstone will be the operator of the property on a cost plus 10% basis, and Solomon Gold will direct the technical program. Full Article
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