RSSV The Closing of the Agreement has not occu
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Posted On: 07/27/2020 9:10:07 AM
RSSV
The Closing of the Agreement has not occurred as of March 31, 2020. Subject to the successful completion of the due diligence of both parties, the Company anticipates final closing of the Agreement in second quarter of 2020.
SUPER 8-K REQUIREMENT:
This transaction is of sufficient size and consequence to RS that SEC regulations require the filing of a Form 8K describing the transaction within 4 days of closing and a Super 8K within 71 days of closing which includes an audited financial statement of the combined companies. Seller warrants that it understands the requirements of this clause and are able to provide an audited statement of Wandi by the auditors of RS within 30 days of closing in order to allow the auditors up to 40 days to prepare the compilation.
contains no less than 24 million tons of proven reserves of coal (The Mine) as determined by that certain geological report entitled REPORT ON EVALUATION AND CONSULTATION OF MINING RIGHT OF HENAN WANDI MINERAL PRODUCT DEVELOPMENT COMPANY, LTD. dated and certified by Beijing Zhongzunhua Assets Evaluation Co. Ltd.. Said reserves are low sulfur clean coal and are suitable under all standards governing the mining and sale of coal to power plants or other users as established by the government of the PRC.
RS shall pay sellers $90,000,000 USD in 60,000,000 common restricted shares of the capital stock of RS valued at the agreed value between the parties of $1.50 per share and are traded on the OTCQB in the USA. Said shares shall be delivered forthwith upon closing of this Agreement as directed by Seller.
The Closing of the Agreement has not occurred as of March 31, 2020. Subject to the successful completion of the due diligence of both parties, the Company anticipates final closing of the Agreement in second quarter of 2020.
SUPER 8-K REQUIREMENT:
This transaction is of sufficient size and consequence to RS that SEC regulations require the filing of a Form 8K describing the transaction within 4 days of closing and a Super 8K within 71 days of closing which includes an audited financial statement of the combined companies. Seller warrants that it understands the requirements of this clause and are able to provide an audited statement of Wandi by the auditors of RS within 30 days of closing in order to allow the auditors up to 40 days to prepare the compilation.
contains no less than 24 million tons of proven reserves of coal (The Mine) as determined by that certain geological report entitled REPORT ON EVALUATION AND CONSULTATION OF MINING RIGHT OF HENAN WANDI MINERAL PRODUCT DEVELOPMENT COMPANY, LTD. dated and certified by Beijing Zhongzunhua Assets Evaluation Co. Ltd.. Said reserves are low sulfur clean coal and are suitable under all standards governing the mining and sale of coal to power plants or other users as established by the government of the PRC.
RS shall pay sellers $90,000,000 USD in 60,000,000 common restricted shares of the capital stock of RS valued at the agreed value between the parties of $1.50 per share and are traded on the OTCQB in the USA. Said shares shall be delivered forthwith upon closing of this Agreement as directed by Seller.
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