With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
In the company's March 1 press release, it stated:
"The proposed spin-out will be accomplished through a transaction with a capital pool company (CPC) and the resulting issuer is expected to be renamed Oremex Gold Inc. Oremex Gold plans a concurrent $3 million equity financing via private placement."
Good to see that has now been bumped to $5M. Have to conclude demand was stronger than expected, which is a good sign.
I'm long Oremex Resources ... Soon to be Oremex Silver .... Which will own a significant chunk of Oremex Gold.