Hunt Gold Corporation — Update on Hostile Bid
SOURCE:
Hunt Gold Corporation
2008-08-07 10:21:00
Hunt Gold Corporation — Update on Hostile Bid
Company Updates Its Stockholders on Hostile Bid for the Company
NEW YORK, NY–(EMWNews – August 7, 2008) – Hunt Gold Corporation (
confirmed on August 1, 2008 that it had received an offer for the Company
which was valued at a price per share of US$0.025. There were a number of
conditions attached to this offer and the Board of Directors required more
time before advising stockholders as to whether or not they could recommend
this bid to stockholders.
We have been served with notice that this Private Equity Group has acquired
an additional amount of 20,700,023,000 shares of the Company’s shares of
restricted Common Stock. They now hold an amount of 93,150,103,500 shares
of the Company’s stock; amounting to 31.7% of the Company’s Common Stock.
The Board of Directors has been contacted by stockholders who represent
substantial blocks of the company’s outstanding stock who have indicated
that they wish to remain as long term stockholders in this Company and have
no desire to sell their stockholdings at US$0.025 per share to the Private
Equity Group. Based upon these facts, the Board urges stockholders to
exercise caution in their dealings until such time as we are able to
provide them with an accurate valuation of this Company’s assets. The Board
of Directors believes that this Private Equity Group will have to
substantially raise their offer price should they wish to assume control of
the Company.
We were served notice and were provided with proof on August 1, 2008 that
this Private Equity Group had already acquired a block of stock in the
Company, amounting to 72,450,080,500 shares of the Company’s shares of
restricted Common Stock. They paid an amount of US$0.025 per share to
acquire these shares. That gave them a 24.6% interest in the Company as at
August 1, 2008.
Furthermore, this Private Equity Group has come to an agreement with
Fortress Financial Group, Inc., who has undertaken not to dispose of any
its “free trading” shares in the Company, and to co-operate with the
Private Equity Group in their takeover bid for this Company. Fortress
Financial Group, Inc. served notice to this effect upon the Company on
August 1, 2008.
It seems extremely likely that this Private Equity Group wishes to acquire
100% of the Company, and to then merge it with another Gold Company already
under their control. This is extremely unlikely to happen unless the offer
price per share is raised by the Private Equity Group or any other bidder,
and very substantially.
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,” “Lookout
Silver,” “Starlight,” “American Flag,” “Venezia,” “Stormcloud,” “Cherry,”
“Buffalo Limecap,” “Red Cloud” and “Federal” interests. The Company is
completing the sale of its “American Molygold” interests.
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: Mr. Michael G Saner Hunt Gold Corporation E Mail: Telephone: (954) 840-6956 |
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