Sunergy Announces Finalization of Acquisition of Mining Interest in GhanaJuly 29, 2009 8:00 AM ET
Sunergy Inc. (OTCBB: SNEY) is pleased to announce that it has entered into an agreement with General Metals Corporation (OTCBB: GNMT) for the final terms for the acquisition of the Nyinahin Mining Concession from General Metals. Pursuant to the agreement with General Metals, as amended, the outstanding consideration payable by Sunergy consisted of $237,500, which was due on April 30, 2009. In full and final satisfaction of all amounts, General Metals has agreed to accept 2,000,000 restricted shares of common stock of Sunergy. The result is that Sunergy will have provided a total share and cash consideration of $1,012,500 for the acquisition of the Concession, given the amounts previously provided.
Nyinahin Mining Concession, located in Ghana, is comprised of the Nyinahin Mineral Licence LVB 8936/05 and Land Registry No. 1535/2005, and subsequently converted into a Prospecting License (LVB 3857/08).
The 150 square kilometre Nyinahin Mining Concession is located between two geological gold belts, the Bibiani Belt to the west and the Asankrangwa to the east. The property shares borders with several major mining companies, including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields. About 80% of the Nyinahin Concession lies to the west of the Offin River within the Ashanti Region of Ghana. The property is accessed via the main Kumasi-Bibiani trunk road and is located 48km southwest of Kumsasi and 20km northwest of Bibiani. It falls under the jurisdiction of the Atwima Mponua District Assembly with headquarters at Nyinahin.
Company Chairman P.K. Rana Medhi said, "We are in the process of settling all outstanding debts of the Company so that as we raise future equity we will be able to advance the Company's projects. The Company is pursuing suitable financing scenarios now that should enable rapid development of the Nyinahin mining concession."
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the Nyinahin Mining Concession and Sunergy's ability to make any required payments in regards to the to the Nyinahin Mining Concession as they become due.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.Contact Info: Joseph B. Guerrero President Sunergy Inc. 8711 E. Paraiso Dr., Scottsdale, AZ 85255 Phone: 480.477.5810 email@example.com