WestMountain Gold filed with the U.S. Bankruptcy Court a First Amended Disclosure Statement, which notes, “While the Debtors have used $3.5 million as an initial capital raise in order to confirm the Plan, this number is an illustration of an amount that might be raised. The Debtors intend to proceed with confirmation of the Plan with a New Capital requirement of $3 million. The amount is confirmed from BOCO so the Debtors intend to seek confirmation of the Plan. Other creditors may elect to fund a portion of the New Capital and the amount raised may exceed $ million.”
In addition, “The Projections forecast through the operation of the Debtor from September 2017 through 2019. Minimal revenue is expected over this time period and the overall losses are projected at $2,498,977 which will be covered by the New Capital. The New Capital will provide the Debtors with the ability to operate and explore alternatives to develop its gold resources. The Debtor has proposed a plan whereby the primary approach will be to find a third party Joint Venture (JV) partner to develop the resource, Two potential JV partners, under non-disclosure agreement, have access to the data room and have been reviewing the Debtor’s information. The Debtor may or may not hire a CEO. This will depend upon confirmation of the Plan and the possible path forward with a potential JV partner.”
Read more WestMountain Gold bankruptcy news.
The post WestMountain Gold DS Amended appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.