American Resource reduces debt, settles arbitration on San Gregorio property.GREENBRAE, Calif.--(BUSINESS WIRE)--June 29, 1995--American Resource Corp. Inc. (ARC) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AREE) announced that it had reached a $6 million settlement with Northgate Exploration Ltd. which reduces its debt by $3.5 million and removes the lien lien, claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. and royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. held by Northgate in ARC's San Gregorio San Gregorio may refer to several places in the United States:
The settlement relates to a dispute between the two companies over an alleged technical default under terms of a loan agreement that was arbitrated in May 1995. San Gregorio, which is 100% owned by ARC, is a gold property with proven and probable reserves of 5.56 million tons at an average grade of 0.09 ounces, equivalent to approximately 435,000 contained ounces of gold. Final feasibility and basic engineering have been completed on this property. CONTACT: American Resource Corp. Inc., Greenbrae Stephen N. Anderson, 415/461-6868 or 415/776-6499 (home office) |
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