Hunt Gold Corporation (PINKSHEETS: HGLC) announced on November 14,
2008 that your Company had formed a Joint Venture Company, being a
50/50 partnership between your Company and a Mining Fund, to
acquire shares of your Company's Common Stock as a short to medium
term investment.
-- Total purchases to date by the Joint Venture Company now amount to
1,103,863,000 shares of your Company's "free trading" Common Stock.
-- Company confirms that its planned stock buyback and cancellation of
your Company's shares of Common Stock to commence as announced.
The Joint Venture Company is not purchasing these shares of your
Company's shares of Common Stock to increase your Company's stock
price; this is a short to medium term investment in terms of the
agreement between the Joint Venture Company partners.
Your Company's Management wishes to stress that the Joint
Venture Company will not be cancelling these shares of its Common
Stock purchased and intends to purchase shares of your Company's
Common Stock as an investment based upon the prevailing low stock
price. At no time does this Joint Venture Company intend to state
as to what price it is prepared to pay for its shares on or off the
market, nor at what price it will take profits on these purchases
of your Company's shares of Common Stock.
This is a short term opportunity upon which the Company intends
to capitalize. Your Company has agreed with its Partner that it
will not disclose the amount of shares of your Company's Common
Stock which the Joint Venture Company intends to purchase, as this
will be wholly dependent upon the price of the Company's shares
offered in the market from to time and at the discretion of the
Management of your Company in conjunction with its Partner in the
Joint Venture Company. Your Company's Management will, however,
announce details of all purchases and sales of your Company's
shares of Common Stock after the sales and purchases have been
transacted.
The Joint Venture Company purchased an amount of 156,983,000
"free trading" shares of your Company's Common Stock on November
17, 2008 and at a price of US$0.00035 per share. The Joint Venture
Company purchased on November 26, 2008 an additional amount of
196,880,000 "free trading" shares of the Company's Common Stock
from another Seller and at a price of US$0.0003 per share of your
Company's Common Stock.
The Joint Venture Company purchased on February 11, 2009 an
additional amount of 750,000,000 "free trading" shares of the
Company's Common Stock from another Seller and at a price of
US$0.00007 per share of your Company's Common Stock. That Seller
has now cancelled their offer to sell these shares in the
market.
The Joint Venture Company is now holding an amount of
1,103,863,000 shares of your Company's Common Stock. All of these
purchases were settled in cash.
These purchases by the Joint Venture Company were transacted
"off market" to eliminate brokerage costs and to avoid the
distortion of the Company's trading volumes.
Your Company's Management wishes to stress that the Sellers of
your Company's shares of Common Stock were being forced to dispose
of these shares due to financial pressures beyond their control and
the Sellers were made fully aware that if they were in a financial
position to enable them to hold these shares of your Company's
Common Stock for a longer period of time, they would have achieved
a far greater price per share.
As announced, the Joint Venture Company cannot and will not
purchase any shares of your Company's Common Stock in the market,
for ethical reasons, until the Corporate web site goes "live" and
stockholders are in possession of all the facts required to enable
to them accurately assess the value of your Company. At that time,
the Joint Venture Company will commence with the purchase of shares
of your Company's Common Stock in the market; particularly at the
prevailing stock price.
These acquisitions of these additional shares of your Company's
Common Stock by the Joint Venture Company should now assist to
serve in the reduction and, hopefully, the elimination of the
persistent daily selling pressure of your Company's shares of
Common Stock, in the market by financially impaired Sellers.
PLANNED STOCK BUYBACK AND CANCELLATION:
Your Company announced on February 3, 2009 that it is to
implement a stock repurchase and cancellation program. This is to
be funded through a Loan secured against part of the proceeds of
the sale of its "Lookout Silver" interests.
This Loan is being negotiated at this time and stockholders will
be kept appraised of the details of this Stock Buyback Program.
This will be operated completely independently of the Joint Venture
Company stock purchases. Once this Loan has been secured, your
Company's Management will commence immediately with stock
repurchases in the market.
Shares of your Company's Common Stock repurchased by the Company
for cancellation will only be purchased in the market and not in
any "off market" transactions. Your Company will be providing its
stockholders with full disclosure of all shares repurchased and
cancelled by the Company.
The Company remains massively undervalued at this time and your
Company's Management is determined to achieve a significant
reduction in the amount of outstanding shares of the Company's
Common Stock and are of the firm opinion that this process will go
a long way towards rectifying this huge discount at which your
Company's shares of Common Stock are trading.
ABOUT HUNT GOLD CORPORATION
Hunt Gold Corporation is a Gold Mining & Exploration Company
focused on the development and exploration of its Gold properties,
namely "Mockingbird," "Ambassador," "Golden Eagle," "Gladstone
Lookout," "Lady Alde," "Williamson," "Blue Copper Mine,"
"Starlight," "American Flag," "Venezia," "Stormcloud," "Cherry,"
"Buffalo Limecap," "Red Cloud" and "Federal." The Company has
completed the sale of its "American Molygold" interests and will be
distributing the entire sale proceeds through a Stock Dividend to
its stockholders. The Company has disposed of its "Lookout" Silver
Projects and will be retaining an amount of US$65 million in quoted
stock from that disposal.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E the Securities Exchange Act of 1934, as amended and
such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a companies' annual report on Form 10-K or 10-KSB and
other filings made by such company with the SEC.
For further information contact: MDM Worldwide Solutions, Inc.
(Investor Relations Enquiries) E Mail: Email Contact Telephone:
(646) 961-4458 Contact: Richard Hausig Hunt Gold Corporation
(Corporate Enquiries) E Mail: Email Contact Telephone: (954)
840-6956 Contact: Mr. Michael G Saner
Hunt Gold (CE) (USOTC:HGLC)
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