![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kaizen Discovery, Inc. | TSXV:CCN | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Given the lack of collaboration on the part of Andres David Machuca Granda, de facto owner of the mine, his nephew Jhinson Machuca Loaiza, has decided to resign from the Board of Directors of C2C Gold, as of September 30th, 2009. His resignation was accepted, and we informed him that we understood his motivations, namely fear of legal action against him personally, he would nevertheless be liable as a Board Member, should there be any action taken against him, being a related party to our JV Partner.
On Monday October 5th, we have sent a team of representatives of our strategic investors to Ecuador as our "ambassadors" who could potentially resolve the impasse, but again this effort has been fruitless. After two days of negotiations in Ecuador, Andres David Machuca Granda was not receptive to consider any settlement or new Agreement.
Because of the lack of collaboration and actions on the part of Andres David Machuca Granda, our negotiations with European investors to subscribe to the Gold Loan previously announced, are terminated. We are now constrained to initiate legal proceedings against Minera Beloro and against Andres David Machuca Granda.
We will seek the full powers of the legal system, in both Ecuador and Canada, to recuperate our investment and will obtain compensation for damages inflicted, the whole in order to fairly represent the interests of our shareholders.
Separately, we are conducting an internal inquiry into the role and responsibility, if any, of the previous President and CEO as well as Machuca's advisors, to determine if their actions may have been irremediably detrimental to the rapid deterioration of the situation.
In light of the foregoing, this will inevitably seriously impact the cash flow of C2C in the short term, but current management has already identified other high valued properties which could be acquired in a near future. C2C will soon announce a hard cash financing in order to stabilize its financial position and move forward with other projects.
About C2C
C2C is an active gold producer working in southwestern Ecuador through a Joint Venture exploiting the Paraiso-Pambil gold mine-mill complex.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please join us on a Conference Call initiated by our Chairman Louis Lessard scheduled on Tuesday, October 13th at 9:00 EST.
Dial-In number: (514) 392-3301 or +1 (866) 392-3211 conference: 9654556#
Contacts: C2C Gold Corporation Inc. Robert Seguin President and Chief Operating Officer 1-418-781-0272 Robert.seguin@c2cgoldcorporation.com C2C Gold Corporation Inc. Jean-Francois Lemay Corporate Development & Investor Relations 1-514-214-8388 www.c2cgoldcorporation.com
1 Year Kaizen Discovery, Inc. Chart |
1 Month Kaizen Discovery, Inc. Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions