Each one in plain English, with the numbers worked through for a shareholder.
18 Aug 2009asset acquisition disposition● NeutralMajor
The Valdivia split agreed in July closed on August 14, 2009 in Santiago. Global Gold now owns 100% of Global Gold Valdivia and its Pureo claims block (about 8,200 hectares), including the Guadaloupe site prepared for placer mining, and the Quijano family owns Madre de Dios outright. The 3% royalty to Quijano (up to 27 million euros, after repayment of $200,000 to Global Gold) and the two-year production-or-revert clause apply as agreed. This ends the 51-49 joint venture and the Madre de Dios plans.
On July 24, 2009 (board approved July 28) Global Gold agreed with the Quijano family to split the Global Gold Valdivia joint venture. Global Gold would own the venture outright and keep only the Pureo claims (about 8,200 hectares), while the Madre de Dios claims go to the Quijano family. Quijano gets a 3% royalty on metals from the retained properties up to 27 million euros, after first repaying $200,000 to Global Gold. If commercial production does not start within two years on the property Global Gold takes sole control of, it reverts to Quijano. This reverses the 2007 plan to develop Madre de Dios, which the company said in October 2008 it would bring into production.
Farallon Capital Partners, L.P, Farallon Capital Institutional Partners, L.P, Farallon Capital Institutional Partners II, L.P, Farallon Capital Institutional Partners III, L.P, Farallon Capital Offshore Investors II, L.P, Farallon Partners, L.L.C, William F. Duhamel, Richard B. Fried, Daniel J. Hirsch, Monica R. Landry, Douglas M. MacMahon, William F. Mellin [See Item, Stephen L. Millham, Jason E. Moment, Ashish H. Pant, Rajiv A. Patel, Andrew J. M. Spokes, Thomas F. Steyer, Richard H. Voon, Mark C. Wehrly reported a GLOBAL GOLD CORP shareholding of 4,466,456 shares (11.30% of votes) in a periodic institutional filing.
Farallon Capital Partners, L.P, Farallon Capital Institutional Partners, L.P, Farallon Capital Institutional Partners II, L.P, Farallon Capital Institutional Partners III, L.P, Farallon Capital Offshore Investors II, L.P, Farallon Partners, L.L.C, William F. Duhamel, Richard B. Fried, Daniel J. Hirsch, Monica R. Landry, Douglas M. MacMahon, William F. Mellin, Stephen L. Millham, Jason E. Moment, Ashish H. Pant, Rajiv A. Patel, Andrew J. M. Spokes, Thomas F. Steyer, Richard H. Voon, Mark C. Wehrly reported a GLOBAL GOLD CORP shareholding of 4,591,660 shares (13.30% of votes) in a periodic institutional filing.
