By mutual agreement the company accepted the resignation of our Non-Executive Director, Steve Ledger and it is pleased to welcome Nigel Chapman on to the Board of Directors and as our full time Chief Operating Officer (COO) w.e.f. 2nd April.
Additionally, MKL is pleased to announce that it has entered into a Non-Binding Memorandum of Understanding (MOU) with Green Gem Investments (GGI Corp) who are based in Colombia and have a portfolio of emerald projects in varied stages of development from near production to greenfield opportunities in the Muzo and Yacopí region in Colombia, South America. The top three emerald producers in the world are Colombia, Zambia and Brazil. The acquisition is in exchange for a combination of working capital for the assets and shares in Millenium Kapital Ltd. The shares issued to GGI in exchange for this acquisition will be priced at the intended IPO price of 5 pence.
With the addition of the Colombian assets, MKL ‘s gemstone portfolio will now be a combination of the World’s best Zimmi Canary Yellow Diamonds and the World’s best Emeralds from Colombia. Due to the intended acquisition, MKL will now look at raising a minimum of GBP 3 million to fund both projects. Majority of these funds will be raised at the pre-IPO price of 1 pence. While these are difficult times, there is always opportunity to be found in a crisis. The Colombian Emeralds will not only diversify the country risks but also provide an additional revenue source for us and with the help of the GGI Board, MKL will now be promoted in the Latin American countries where they have offices. The Non-Binding agreement becomes binding once we release the first tranche of payment to GGI. In exchange, MKL will be offered one Board seat in GGI Corp, while we will offer them one Board seat in MKL. We have a similar arrangement with Millenium Kapital (Africa) Ltd with regards to Board seats.
View MKL on Wholesale Investor, https://wholesaleinvestor.com.au/millenium-kapital-ltd-announces-that-it-has-entered-into-a-non-binding-memorandum-of-understanding-with-green-gem-investments-ggi-corp/