SDN Journal Authors: Elizabeth White, Pat Romanski, TJ Randall, Yeshim Deniz, Liz McMillan

News Feed Item

Monument Mining shareholder GoldMet opposes highly dilutive proposed transaction

VANCOUVER, Feb. 3, 2014 /PRNewswire/ - George Molyviatis and GoldMet B.V. (collectively "GoldMet"), holders in aggregate of 54,112,500 common shares (the "Shares") of Monument Mining Limited ("Monument") representing 19.67% of the 275,158,030 outstanding shares of Monument, announce their opposition to Monument's proposed acquisition of certain overburden topsoils on Monument's Mengapur project ("Mengapur") in consideration of issuing 25,000,000 to Malaco Mining Sdn. Bhd, its group of companies and shareholders ("Malaco").

Mr. Molyviatis states "In February, 2012, Monument announced that it had completed the acquisition of a 70% interest in Mengapur from Malaco in consideration of a cash payment of US $60,000,000.  In a news release dated January 17, 2013, Monument announced that it had acquired the remaining 30% of Mengapur from Malaco in consideration of a cash payment of US $16,000,000.  Subsequently, in its audited financial statements for the year ended June 30, 2013, Monument disclosed that inclusive of a further transaction cost of $7.46 million (CAD $7.65 million), in total $23,504,000 was paid to acquire the remaining 30% interest in Mengapur from Malaco.

Now Monument is proposing to issue 25,000,000 common shares to Malaco for certain overburden topsoils and the production of magnetite which were apparently retained by Malaco under the original acquisition of Mengapur.

GoldMet is concerned that this highly dilutive transaction, occurring at a time when Mr. Avner Kreimer has announced his intention to remove the current board, is a bid to disenfranchise current shareholders.  Mr. Kreimer and his proposed slate of directors have stressed the need for a new independent board of directors who will control management's culture of entitlement, tighten oversight of acquisitions and refocus Monument's operations on its core assets.  GoldMet is forced to question if this transaction is being undertaken with a view to increasing shareholder value or to place a large block of shares in the hands of parties that will support the incumbent board and management.

GoldMet urges Monument's shareholders to carefully consider whether Monument's current board is acting in the interests of shareholders, or if a change is needed to protect shareholder value.  GoldMet strongly urges shareholders to vote in favour of Mr. Kreimer and his proposed slate of directors at Monument's AGM scheduled for February 7, 2014."

This news release includes forward looking statements that are subject to assumptions, risks and uncertainties.  Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning GoldMet's intentions, plans, estimates, expectations or beliefs regarding the future.  Although GoldMet believes that any forward looking statements in this news release are based on reasonable assumptions, there can be no assurance that any such forward looking statements will prove to be accurate.  GoldMet cautions readers that all forward looking statements, including without limitation those relating to Monument's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements.  Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.

Any forward looking statements are made as of the date of this news release, and GoldMet assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements.  GoldMet assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.


More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

CloudEXPO Stories
The precious oil is extracted from the seeds of prickly pear cactus plant. After taking out the seeds from the fruits, they are adequately dried and then cold pressed to obtain the oil. Indeed, the prickly seed oil is quite expensive. Well, that is understandable when you consider the fact that the seeds are really tiny and each seed contain only about 5% of oil in it at most, plus the seeds are usually handpicked from the fruits. This means it will take tons of these seeds to produce just one bottle of the oil for commercial purpose. But from its medical properties to its culinary importance, skin lightening, moisturizing, and protection abilities, down to its extraordinary hair care properties, prickly seed oil has got lots of excellent rewards for anyone who pays the price.
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected path for IoT innovators to scale globally, and the smartest path to cross-device synergy in an instrumented, connected world.
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
ScaleMP is presenting at CloudEXPO 2019, held June 24-26 in Santa Clara, and we’d love to see you there. At the conference, we’ll demonstrate how ScaleMP is solving one of the most vexing challenges for cloud — memory cost and limit of scale — and how our innovative vSMP MemoryONE solution provides affordable larger server memory for the private and public cloud. Please visit us at Booth No. 519 to connect with our experts and learn more about vSMP MemoryONE and how it is already serving some of the world’s largest data centers. Click here to schedule a meeting with our experts and executives.
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understanding as the environment changes.