Hunt Gold Corp. announced that the Joint Venture Company formed in a 50/50 partnership with a Mining Fund has acquired an additional 375 million shares. Total purchases to date by the Joint Venture Company now total to 3,403,863,000 shares at an average price paid per share of $0.0001.
Although the Joint Venture Company has been acquiring these shares in “off the market” transactions, both the JV and Hunt Gold realize that it is highly unlikely that they will be able to continue doing so because they haven’t been able to attract any further sellers at the prices they are offering.
Hunt Gold management emphasized that the sellers who sold their shares to the JV were forced to dispose of these shares due to financial pressures beyond the sellers’ control and were made fully aware that if they were able to hold them for a longer period of time, they would have achieved a far greater price per share.
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