VANCOUVER, British Columbia, Feb. 21, 2014 (GLOBE NEWSWIRE) -- Huakan International Mining Inc. (TSX-V:HK) (" Huakan" or the " Company") announces that the Supreme Court of British Columbia (the " Court") has issued an order approving the acquisition by the Company of the Greenwood Gold Project from Grant Thornton Limited, in its capacity as Court appointed Receiver and Manager (the " Receiver"), for AMT Industries Canada Inc. (" AMT") for a purchase price of $3 million. The Company has made a $316,048 cash deposit and the balance of the purchase price will be paid by forgiving part of the indebtedness owed by AMT to the Company. Subsequent to the acquisition, AMT, along with Gold Crown LLC (" Gold Crown") and Mineral Invest International MII AB (collectively, the " Debtors") will still owe the Company approximately $2.5 million. The Company will take steps to try to collect the balance of the indebtedness from the Debtors. However, the realization is uncertain. The acquisition is expected to close by end of February 2014.
Huakan International Mining Inc. Announces Re-Acquisition Of The Greenwood Gold Project
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