Len Clough has resigned as Chairman, President, CEO and Director. The Company’s Board of Directors is currently in discussions with a potential candidate to fill the resulting vacancy on the Board and to serve as the Company’s new President and CEO.
Standard Tolling is insolvent.
The Board of Directors of Standard Tolling is working to devise a solution to the Company’s financial difficulties, including ongoing discussions with Inca One respecting a potential asset purchase and debt assumption agreement. Among other things, any such agreement will require the acceptance and agreement of all of the Ore Note holders. There is no assurance that any agreement will be entered into with Inca One or any other person which will address Standard Tolling’s financial difficulties.
As the Company has only two directors with the resignation of Len Clough, it does not meet continued listing requirements of the TSX Venture Exchange and the Company understands that the trading halt on the shares of Standard Tolling will continue.
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As subscribers know, I was interested in this one for a while this year. The business plan sounded great on paper and I met up with the team (who passed muster, particularly the Peruvian/Bolivian executives who were steeped in experience in this type of operation) but one of the pre-conditions for purchase of this stock was always a site visit to their toll mill facility in Huamachucho to see the thing for myself, to check out the community risk atmosphere. There was a visit slated too, but for reasons I never really understood the company never made that final call to fix a date for the visit.
I now realize why. Here's last night's NR from Standard Trolling (TON.v). Oh my stars. One bullet duly missed. Example from script: