MacMillan Fails to Close Precious Metals Recycling Deal

MacMillan Gold Corp. was notified by Virtual Resources Inc. that negotiations by Virtual to acquire certain specific operating assets of a precious metals recycling business have been discontinued at the present time.

Due to the inability of MacMillan to have the agreement completed, the Toronto Stock Exchange has given MacMillan notice that its common shares will be suspended from trading on the Exchange after September 28. MacMillan would then have one year to requalify before its shares would be delisted. MacMillan also is pursuing an alternate trading platform for its common shares.

In a statement MacMillan was required to post, it said that it reserves its right to review its further course of action, including exploring its options to continue with the proposed business combination with Virtual Resources Inc. MacMillan holds Virtual promissory notes valued at approximately $195,000, which mature December 31, 2001, bear simple interest at 10% and have certain rights to convert into common shares of Virtual.

Virtual is continuing with its efforts to evaluate other investment opportunities in the electronic and other metal recycling industries in the United States and Canada.

Earlier this summer MacMillan and Virtual agreed to enter into a business combination to continue Virtual Resources’ efforts to enter the electronic equipment and electronic scrap recycling industry.

The earlier announcement to pursue the new business was made July 6.

According to the earlier announcement the combined companies agreed to enter into a business combination of the two companies. The merged company would continue the efforts of Virtual Resources to enter the U.S. based business of recycling end-of-life electronic equipment and electronic scrap.

Management of Virtual Resources was evaluating investment opportunities in the electronic recycling industry in the United States and Canada. It identified this industry as having significant growth potential and as presenting considerable opportunities for the consolidation of the existing industry. In addition to the United States, the two companies also saw opportunities for the electronics recycling business in Europe and Asia..

While the company is being suspended from the Toronto exchange, MacMillan expects to have its stock appear in an exchange for smaller market cap stocks.

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SENNEBOGEN 340G telehandler improves the view in Macon County, NC

An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).

Sponsored Content

SENNEBOGEN 340G telehandler improves the view in Macon County, NC

An elevated cab is one of several features improving operational efficiency at the Macon County Solid Waste Management agency in North Carolina. When it comes to waste management, efficiency, safety and reliability are priorities driving decisions from day one, according to staff members of the Macon County Solid Waste Management Department in western North Carolina. The agency operates a recycling plant in a facility originally designed to bale incoming materials. More recently, the building has undergone significant transformations centered around one machine: a SENNEBOGEN telehandler (telescopic handler).

Steve Brunnelle, president of MacMillan, said the move into the precious metals recycling industry is part of a plan to take a major change in the business operations of the company. Basically, at the present time the company was unable to “close the deal,” Brunnelle said.