On 24th October’14, BrilliantPennyStocks.com initiated coverage on MNGG. The stock is neutral since the coverage was initiated.
Mining Global Inc (OTCMKTS:MNGG) announced on 28th October that it has completed the acquisition of various form of mining equipment from SDI, Co. LTD which operates in Ghana, Africa. The report listed out the various mining equipment, which were covered under the transaction. These included the “CAT 330 BL Excavator, a Kia Pick-up Truck and a Korean 60 TPH wash plant.”
CEO Expresses Satisfaction
Expressing satisfaction at the unimpeded purchase, company Chief Executive Officer Joel J. Natario has commented that, "We have just closed on the purchase of this mining equipment in Ghana. This equipment was previously used by Scott Lomu and George Wright and I was happy to take it off of their hands via their investor's company, SDI, Co LTD."
Debt Repurchase
The purchase of new equipment came a day after the mining firm had announced that it has decided to repurchase a $0.1 million worth outstanding debt notes issued by the firm ahead of schedule. The management team disclosed that they were forced to embark on this exercise in order to prevent nearly 1 billion shares of common stock tied up with the notes being made available on open market by the debt note holders by December of this year.
CEO Natario had commented in this context that it was not an easy decision, but the management team decided to go ahead with the notes buy back in order to protect the interests of the shareholders. He also indicated that the management is contemplating other outstanding debt, which would be due in the next few months starting November this year.
Letter From Arizona Department of Environmental Quality
In a separate update, Mr. Natario disclosed that he has received a letter from Mr. Balaji Vaidyanathan of Arizona Department of Environmental Quality in which the regulator has explained that company’s proposed mining activity in Congress Mine, in Arizona would not require any Air Quality Control Permit at this time.
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