RE: RNS16 Mar 2020 09:55
FEB 2019
In update to the 12 December, 2019 release, the Grand Court of the Cayman Islands (the "Court") issued its Order for the Joint Provisional Liquidators ("JPLs"), the independent officers of the Court, to broadly preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company.
As requested by the Court, the JPLs have filed their report as to the likelihood of a viable restructuring. The JPLs informed the Court that they intend to file a further report to the Court on 13 March 2020, by which time it is expected the Company will be in receipt of a signed Term Sheet regarding the proposed refinancing transaction.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, ". I am happy to report, no employee has been infected by the coronavirus till date and we expect to maintain prudence to avoid exposure until the virus is contained. The Group activities are ongoing without interruption."
TODAY:
In update to the 7th February, 2020 release, the Grand Court of the Cayman Islands (the "Court") appointed Joint Provisional Liquidators ("JPLs"), the independent officers of the Court, have been tasked to broadly preserve and protect the Company's assets and identify any opportunities which may exist to restructure or refinance the Company.
The JPLs have completed and filed their second report timely on 13th March, 2020 as to the likelihood of a viable restructuring of the Company and thus continue to support the on-going viability of the Group.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "I am happy to report, no employee has been infected by the coronavirus till date and we expect to gradually assume increased work duties by month end. The Group activities are ongoing without interruption."
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