Hi Niterider ..
It seems the management of your previous company got away with being less than honest and protecting the individuals behind company law.
It’s a shame this goes on - especially for those with expectations that ‘right will prevail’ and that all public companies are ethically driven.
But what you essentially agree with is Liongold does NOT own Brimstone!
That is what I wrote how is this information is “grossly” misleading?
It is the Mining News story ( I looked up the source)which is is 100%wrong .(and perhaps 144% misleading?) in claiming Liongold still owns Brimstone!
I stand by what I said.
And if Mining News is serious about standards it will publish a correction. The waters around this company are muddy enough without misinformation from the press!
Brimstone:
I have posted the detailed and referenced transaction history of Brimstone and current ownership details (including ASIC search) on another thread andtgerefore mistakenly thought it was common knowledge.
Empire actually DID purchase Brimstone from LionGold..
Specifically the purchase was made by a private Joint Venture company which Empire diluted the company and raised capital to join in with. (Barola Resources)
Thanks for the correction I should have been more accurate and said. ‘Empire JV bought it back’
4 June 2015 : Empire Resources Ltd (‘Empire’, ASX code:ERL) is pleased to announce that the purchase of 100% of unlisted Brimstone Resources Ltd (‘Brimstone’) from LionGold Corporation of Singapore by unlisted Australian company Barola Resources Limited (“Barola”) was successfully concluded on the 3 June 2015.
Brimstone Resources Ltd owns a 40% share in the Penny’s Find gold project and a 51% interest in the adjacent Mt McLeay project. In turn, Empire Resources currently holds a 32% interest in Barola Resources thereby owning a 73% interest in the Penny’s Find gold project (60% direct and 13% indirect)......
...Empire plans to be in production within nine months targeting production of ~19,000oz in the first year, based on the recent scoping study referred to below*. https://hotcopper.com.au/documentdownload?id=uOMxKKzFkiWRTLKhOROKAxjvTUUL5A28pmWUrJlJ2/k=
30 September 2015
The Company (Empire) has entered into a signed agreement whereby it agreed to sell 3,224,813 shares it holds in Barola for $225,000. The Company expects to receive further offers for the remaining 2,508,187 shares it owns in that company, at the same price, 7 cents a share. http://www.resourcesempire.com.au/docs/30042015 Quarterly Activities Report.pdf
NB I used the word ‘back’ because originally Empire owned 109% of Penny’s before selling 40% to Brimstone!
Brimstone (1) - Australian owners associated with many start ups
Sold it to
Brimstone (2) - ie LionGold
Sold it to
Brimstone (3) ie Barola Resources (ie Mandara and Empire )
Sold it to
Brimstone (4) ie Barola minus Empire )
As far as I can gather 109% of Brimstone is currently owned 100% by Barola which is owned 100% by Mandara Resources
As I think we all know by now tge human beings behind these private companies (and their associates) also own large quantities of shares in the public company -Empire .
ERL Price at posting:
1.6¢ Sentiment: None Disclosure: Not Held
(20min delay)
