RE: Rns12 Dec 2019 07:18
The Board and Management look forward to working cooperatively with the JPL and remain committed to re-structure as follows:
1. Pay its Creditors (Nordic and GIC) in full
2. Following above execution, dividend Green Dragon Gas to the Shareholders.
3. Continue as an Exploration and Appraisal company specializing in Coal Bed Methane.
Mr. Randeep S. Grewal, Chairman of G3 Exploration commented, "We are very pleased with the outcome of the hearing and await the final Order. We look forward to concluding the re-structuring plan with the appointed JPL and their valuable assistance and support in doing so. A successfully re-structured G3 Exploration rewards all stakeholders which the Board and Management are committed to deliver. This ruling allows the necessary time to do so and thereafter continue as a going concern.
Beyond this re-structuring, we are eager to get back onto our business plan which is committed to capture desorbed methane from complex coal seams in an environmentally prudent manner within select jurisdictions globally."