VANCOUVER, British Columbia, March 26, 2014 (GLOBE NEWSWIRE) -- Huakan International Mining Inc. (TSX-V:HK) (" Huakan" or the " Company") reports that the vesting order dated February 21, 2014 granted by the Supreme Court of British Columbia in respect of approving the Company to acquire the Greenwood Gold Project has now been registered at each of the British Columbia Land Title Office and British Columbia Mineral Title Office. This brings to a final close of the re-acquisition of the Greenwood Gold Project by the Company. The Greenwood Gold Project includes 107 mineral claims and mining leases; 12 Crown Grants; 3 surface titles; a processing mill; various buildings and equipment. The Company paid a total consideration of $3 million for such acquisition, of which $397,957 was paid by cash and the balance was paid by setting off a portion of the indebtedness owed by AMT Industries Canada Inc. (" 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") 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.
Huakan International Mining Inc. Completes The Re-Acquisition Of The Greenwood Gold Project
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