Rhyolite Resources Announces Resignation of Fred Stanford
22 Dezember 2022 - 1:39AM
Rhyolite Resources Ltd. (TSXV: RYE) (“
Rhyolite” or
the “
Company”) announces that the Company has
reached a settlement with Fred Stanford who will resign from his
duties as Chief Executive Officer and a director of the Company,
effective immediately. This follows the decision by the board of
directors of the Company to cease further development of the
Muckahi Mining System, including releasing all employees previously
retained in the further development of the System.
In connection with his resignation, the Company
has agreed to make a cash payment to Mr. Stanford and transfer
ownership of its wholly-owned subsidiary, Muckahi Inc. (the
“Muckahi”), to Mr. Stanford in settlement of any
remaining obligations owing. Muckahi controls a license, and
associated intellectual property, related to the Muckahi Mining
System. Following completion of the transfer, the Company will have
no further obligations related to the Muckahi Mining System and
will retain a royalty (the “Royalty”). The Royalty
will entitle the Company to receive ten percent of the gross
revenue generated by any party from the use of the Muckahi Mining
System, until such time as the Company has received
Cdn$10,000,000.
The Parties are reversing the transaction that
was announced in the press release dated September 7, 2021 and
returning Muckahi to Mr. Stanford. Mr. Stanford will be returning
to treasury 9,500,000 common shares previously issued to him as
consideration for the acquisition of Muckahi. Following completion
of the cancellation, the Company will have approximately
107,185,253 common shares outstanding. Completion of the
cancellation of the shares, the transfer of ownership of Muckahi,
and the grant of the Royalty, remain subject to finalization of
definitive documentation and the receipt of any required regulatory
approvals.
Forward-Looking Statements
This news release includes certain
“forward-looking statements” under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, statements with respect to the transfer of ownership of
Muckahi, the grant of the Royalty, the cancellation of 9,500,000
common shares of the Company, the negotiation of definitive
documentation and the receipt of any required regulatory approvals.
Forward-looking statements are necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties and other factors
which may cause the actual results and future events to differ
materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: general
business, economic, competitive, political and social
uncertainties; delay or failure to receive regulatory approvals;
the ability to attract financing on these terms or at all; the
price of commodities; and the results of current exploration. There
can be no assurance that such statements will prove to be accurate,
as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release.
For further information, please
contact:
RHYOLITE RESOURCES LTD.Cybill
TsungChief Financial Officerinfo@rhyoliteresources.com
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