Source: Undur Tolgoi Minerals Inc.
Undur Tolgoi Minerals Inc. has entered into an agreement to acquire complete interest in Great Hoard Holdings SARL, a Luxembourg entity that holds 75 percent of the share capital of Mongolian company Ashid Munkhiin Zam LLC.
Through its wholly owned British Virgin Island-registered subsidiary, Jucca Holdings Ltd., Undur Tolgoi will acquire Great Hoard Holdings SARL in an exchange for 5,363,636 newly issued shares of Undur Tolgoi. AMZ holds road construction, repair and maintenance permits. AMZ intends to seek road construction contracts and tenders in Mongolia. Road construction is one of the fastest growing industries in Mongolia. The government intends to build over 10,000 kilometers of paved road in the next 10 years. As part of its goal, the government passed a law in 2012 mandating paved roads between Ulaanbaatar and each of the country's 21 province centers by 2016.
Thursday, 14 November 2013 12:36
Source: Mongolia Energy Corp. Ltd.
Mongolia Energy Corp. Ltd. failed to repay principal and interest before the expiration of a convertible note on 12 November.
MEC’s default on redemption of the SF convertible note also triggers its potential early redemption obligation under other existing convertible notes. As of the date of this announcement, these outstanding convertible notes, excluding the note, have the aggregate principal amount of approximately HKD 2.4 billion (USD 309.5 million). The holders of the note have proposed a conditional six-month moratorium from 12 November 2013 on repayment of principal and interest due under the note subject to formal agreement between the parties and MEC that the company intends to exercise.
Shareholders and potential investors of the company are urged to exercise caution when dealing in the shares of the company.