FGR Takes Steps to Secure the Future of the Bogoso Prestea Mine
Accra, Ghana 18 July 2021. Future Global Resources (FGR) has discovered material inaccuracies in information provided by Golden Star Resources (GSR), which FGR relied upon in deciding to acquire the Bogoso Prestea mine. The financial impact of those inaccuracies is significant. FGR will continue to investigate the inaccuracies.
FGR notified GSR of the inaccuracies last week and required GSR to indemnify it in respect of the resulting financial losses it has sustained, in accordance with the provisions of the Bogoso Prestea purchase agreement. Separately, FGR has recently stepped in to settle an outstanding and ongoing employee dispute relating to severance payments owed to staff at Bogoso Prestea which resulted in repeated industrial actions. In the absence of GSR’s participation, FGR negotiated with the staff to reach an agreement on severance which resulted in a peaceful return to operations and the cessation of the ongoing legal action. FGR claims the cost of this settlement from GSR given that GSR has responsibility for this matter under the purchase agreement.
In light of the above, FGR was not contractually obliged to make the payments that would otherwise be due on July 16, 2021 and will not be making the payment otherwise due on July 31, 2021. FGR and its major shareholder, Blue International Holdings Limited, are, and have been, in full compliance with the purchase agreement and their contractual obligations.
Contact Buchanan
Ben Romney/ Ariadna Peretz
Email: blue@buchanan.uk.com
Tel: +44 (0)20 7466-5000
Contact BCW Infocus
Kwabena G. Kugblenu
Email: kwabena@infocuspr.org
Tel: 0243019322
Hawkeye Systems enters into Letter of Intent to Acquire Blue Gold
Board of Directors strengthened in support of the transition
SAVANNAH, Georgia, July 6, 2022 /PRNewswire/ — Hawkeye Systems, Inc. (OTCQB: HWKE) is pleased to announce that it has entered into a Letter of Intent (LOI) to acquire Blue Gold International Limited (“Blue Gold”) an entity valued at US $250,000,000, in a share exchange that will result in a reverse takeover of Blue Gold by Hawkeye. The shareholders of Blue Gold International Limited will hold upward of 95% of Hawkeye post-acquisition.
Blue Gold is the 90% owner and operator of the Bogoso Prestea goldmine in Ghana, which contains one of the most significant gold concessions in the world-famous Ashanti gold belt. As a diversified gold mining operator looking to acquire other prospective gold properties in Africa and elsewhere, Blue Gold will leverage its significant management expertise and an increasingly robust balance sheet.
The transaction is subject to due diligence and definitive documentation and is expected, by all parties, to close by October 31, 2022. Hawkeye and Blue Gold intend to complete a $6 million funding arrangement prior to July 31, 2022 which will be invested into Blue Gold and serve as working capital during the due diligence period. Hawkeye has conjunctively terminated all other LOI’s and discussions with alternative opportunities it has been evaluating, as previously reported, as it believes Blue Gold represents the strongest potential upside for its shareholders.
Hawkeye Chief Executive Officer Corby Marshall commented, “Following extensive analysis, we believe transitioning our strategy to become a diversified gold producer will enable the Company to capitalize on the inflationary and rising interest rate macroeconomic trends and provide the basis for a growing sustainable business. Given the project’s location in Ghana’s historically significant gold area, the Ashanti gold belt we are confident in our ability to build significant long-term shareholder value. The project has produced approximately 12 Million ounces of gold since 1912.”
Dan Owiredu, Chief Executive Officer of Blue Gold, stated, “We are pleased to be reentering the equity capital markets with a primary listing in the US through this transaction with Hawkeye. We actively seek to leverage the equity capital markets at a time of increasing interest in gold, a combination that we believe will also create a strong platform for us to fully develop the proven sulfide resource and the significant unexplored strike.”
In support of the transaction the Company appointed Christopher Mulgrew and James Kerby to the Board of Directors of Hawkeye. During the due diligence period, Hawkeye intends to complete a 1 for 10 reverse stock split and change the company name and ticker symbol. There will be a rebranding of the
Company, finalization of the go-to-market plan, recruitment of a new management team, and further modification to the board of directors.
About Hawkeye Systems, Inc.
Hawkeye Systems, Inc. is a technology holding company which has focused on cutting edge technology, pandemic management products and services. The Company has made the decision in the current environment to become a diversified gold producer with the first asset being Blue Gold in Ghana.
For more information, please contact: Corby Marshall, CEO
Number: +1 (800) 531-8799
Email: info@hawkeyesystemsinc.com
Website: hawkeyesystemsinc.com
Investor relations: ir@hawkeyesystemsinc.com
About Blue Gold International Limited
Blue Gold International Limited is an owner and operator of long-life gold mines which it is developing into high quality and sustainable producers of gold. Growth, sustainable development, and transparency are at the heart of the company’s established business practices for growth and consolidation within Africa.
For more information, please contact:
Abenaa Agyekum, Legal Counsel Number: +233 302 779041
Website: bluegoldinternational.com
Investor relations: investors@bluegoldinternational.com
Disclaimer and Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development and any other statements that are not historical facts. Forward-looking statements are based on management’s current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers and partners; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. Important factors that may cause the actual results to differ from those expressed within may include but are not limited
To the success or failure of Hawkeye’s efforts to successfully market its products and services; Hawkeye’s ability to attract and retain quality employees; the effect of changing economic conditions; increased competition; the ability of Hawkeye to obtain adequate debt or equity financing. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.
This press release contains valuation information based upon or derived from information generally believed to be reliable based on comparable companies. The information represents our view as of the date hereof and is subject to change and/or withdrawal at any time without notice. The information may be based on (a) data that may no longer be current, (b) estimates that may involve highly subjective assessments and (c) models that may change from time to time and may be different from assumptions and models used by other persons. No representation is made that it is accurate or complete and Hawkeye and Blue Gold accept no liability with regard to the reader’s reliance on it.
Source: Hawkeye Systems, Inc.
