![]() The third principal shareholder, Jim Moore, is the Chairman and comptroller of El Olivar. Cabrera is a Peruvian citizen and Metallurgical Engineer who has managed mineral processing plants for 35 years and is noted for his expertise on the processing of gold ores. Manuel Cabrera is El Olivar's Operations Manager. Michael Doggett is the majority owner of Beach Meadows Resources and is also a Director of Minco Gold. Prior to the private placement, El Olivar had 4.7 million shares issued to three principal shareholders, the largest being Beach Meadows Resources Inc., a private Canadian company holding 50% of the shares. The conversion rate will initially be 1:1, subject to customary adjustments. After a period of 10 years from the commencement of commercial production from the processing plant, Class A shareholders will have the option to either convert their Class A Shares to Common Shares or redeem the shares for cash at face value. ![]() The Class A Shares may be converted at any time into Common Shares of El Olivar at the option of the holder. dollars equal to 6% of the invested amount, payable starting on the date that is 18 months from the closing date. ![]() In addition to the equity stake, Minco Gold shall receive an annual cash dividend in U.S. Class A shareholders will be provided a first priority security over the assets of El Olivar in the event that the final permits and approvals are not received. Under these warrant terms, Minco Gold will have the right to acquire an additional 600,000 shares for US$600,000.ĭuring the course of the six month term of the warrants issued as part of the private placement, El Olivar will work towards securing all necessary regulatory permits to proceed with construction of the processing plant. Each Unit consists of one Class A voting share and 1.5 Class A share purchase warrants, with each full warrant entitling the holder to purchase one additional Class A voting share for a period of six months from closing at a price of US$1.00 per share. ![]() Minco Gold subscribed for 400,000 Units of a private placement of 1,600,000 million Units priced at US$1.00 per Unit. ![]()
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