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Great Basin Gold Ltd. Message Board

  • blueskies012 blueskies012 Jun 20, 2013 1:48 PM Flag

    Southgold update 18 June 13

     

    2.1 Further post commencement finance has been approved to keep the company
    running until the end of June 2013.
    3. LITIGATION
    3.1 The arbitration has been postponed sine die, pending the hearing of an interlocutory
    application launched by the Claimant's in the arbitration, in the South Gauteng High
    Court.
    3.2 The interlocutory application has been launched, and the company has entered its
    notice of opposition. The parties are currently in settlement negotiations in regards
    to this application.
    4. THE RESCUE OF THE COMPANY
    4.1 As a result of requests received from the holders of the majority of the creditors'
    voting interests, the timeline that was in place for the business rescue proceedings
    has been revised as follows:
    4.1.1 On 7 June 2013, a fresh notice in terms of section 145(5) of the Companies
    Act was issued;
    4.1.2 On 21 June 2013 the business rescue plan is to be published; and
    4.1.3 On 1 July 2013, a meeting in terms of section 151 of the Companies Act is to
    be held to consider and vote on the business rescue plan (time and place to
    be confirmed).
    SIGNED AT CAPE TOWN THIS 18th DAY OF JUNE 2013

    This topic is deleted.
 
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