RENO -
The rescission of the Sapir Agreements was prompted by circumstances beyond either party's control, and has the effect of putting each party in the place it occupied prior to the execution and delivery of the two agreements. In particular, and as described in the Company's press release dated
The recission agreement includes standard indemnity provisions and a broad mutual release, and allows the Company to continue to seek opportunities for maximizing shareholder value.
Promptly following the rescission of the Sapir Agreements, the Company entered into a debt reinstatement agreement with
In connection with the reinstatement of the Debt, the Company entered into debt conversion agreements with three related parties, including LSG, pursuant to which the creditors converted an aggregate of
The Conversion Shares are 'restricted securities' under the Securities Act of 1933, as amended, and bear all restrictive legends required under applicable securities laws.
Contact:
Tel: (775) 234-5443
Email: markw@lode-starmining.com
Forward Looking Statements
This news release may contain forward-looking statements that involve known and unknown risks, uncertainties and other factors which may cause LSMG's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements. Forward-looking statements reflect LSMG's current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Given these uncertainties, investors should not place undue reliance on these forward-looking statements. Except as required by law, LSMG assumes no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
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