DENVER, Aug 12, 2020 / PRNewswire / – Redwood Inexperienced Corp. (the “Firm”) (OTCQB: RDGC) right this moment introduced modifications to its board of administrators, reflecting a deliberate change in company technique. The Firm intends to drag out of the hashish trade and discover alternatives that will come up in accountable gold exploration within the newly accessible areas of Colombia, topic to acquiring the mandatory financing.
At their assembly on Aug 11, 2020, the corporate’s board of administrators unanimously handed a decision to take away the corporate from the hashish trade. The explanations the Board thought-about in making its determination have been as follows:
- difficulties that the earlier acquisition technique of the corporate encountered because of the current low costs of the shares of the corporate
- extended uncertainty over the timing of federal hashish legalization
- overcrowding of the hashish trade by a lot of opponents.
Below the decision, the Firm will search a purchaser, at an acceptable worth, for its Good Meds division. The administrators pressured that the Good Meds division will proceed to function and contribute to the earnings of the corporate till a sale on acceptable phrases is concluded.
Two administrators, Mr. John Scharffenberger and Mr. Steven Hilton, have resigned from the board. Everybody has indicated their curiosity in persevering with to take part within the client items industries. After accepting the resignations, the titular administrators thanked the gents for his or her worthwhile contributions to the corporate.
The board of administrators appointed Mr. Carlos Andrés Hernández and Mr. Gary Artmont be Administrators of the Firm. In welcoming the 2 new administrators, the board famous the expertise of their nation and / or their particular sector relevant to the route envisaged by the corporate. The Board additionally famous that the brand new administrators have dedicated to current particular Colombian exploration alternatives for consideration by the Board.
Throughout its assembly, the Board additionally thought-about:
- the numerous commerce associations through which the corporate has developed Colombia
- Colombia lengthy and productive historical past within the gold trade
- the current reopening of historic gold-producing districts Colombia which had been successfully closed by the civil battle for 50 years
- the advances in exploration expertise that happened throughout that 50-year hiatus and which might now be utilized to Colombia identified gold producing districts
- the Colombian authorities's dedication to environmentally sound exploration practices.
About Carlos Andres Hernandez
Carlos Andrés Hernández is a mining skilled who labored for eight years for Drummond Ltd., the Colombian subsidiary of AlabamaPrimarily based Drummond Firm, Inc. On this capability, Mr. Hernández centered totally on acquisitions and contract negotiations for Drummond’s El Descanso floor coal mine, a Colombian facility that produces bituminous coal with low sulfur and low ash content material for export. After leaving Drummond, Mr. Hernández was political advisor for José Gabriel Amar Sepulveda, a member of Colombia Congress.
Mr. Hernández holds a level in Worldwide Enterprise from the Universidad del Norte de Barranquilla and speaks Spanish, English and French.
About Gary Artmont
With an exploration profession spanning 5 many years and in 21 international locations, Mr. Artmont has expertise in all features of mineral exploration, from primary evaluation to pre-feasibility research of initiatives. For the previous 46 years, Mr. Artmont has labored as a geologist and undertaking supervisor for main mining firms together with Geostar Consulting, Rio Tinto, PT Pelsart Indonesia, PT Freeport Indonesia and Ivanhoe Mining China. He’s a fellow of the Australasian Institute of Mining and Metallurgy and is certified to subject Nationwide Instrument 43-101 Competent Particular person Stories and Joint Ore Reserves Committee Code (JORC) Competent Particular person Stories required by exchanges. public.
Mr. Artmont holds a level in geological sciences from College of Waterloo, Ontario, Canadaand speaks English and Spanish.
For extra info, please contact the corporate's investor relations division by e-mail at (e-mail protected) or by telephone at +1 303 222 8092.
The corporate's widespread inventory is traded on the OTCQB® Enterprise market with the image RDGC.
This press launch doesn’t represent a suggestion of securities, nor a solicitation to purchase, subscribe or promote securities within the United States in America or some other jurisdiction through which it could be unlawful to take action.
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Ahead-looking statements
This message might comprise forward-looking statements throughout the which means of america Personal Securities Litigation Reform Act of 1995, which contain identified and unknown dangers, uncertainties and different components, together with danger components recognized in paperwork filed by the corporate with the SEC, and which can trigger the precise outcomes, efficiency or achievements of the Firm to vary materially from future outcomes, efficiency or achievements expressed or implied by forward-looking statements. Dangers and uncertainties embody, however should not restricted to, modifications within the regulatory setting affecting the sale and use of hashish or hemp merchandise and different potential traces of enterprise that the Firm will take into account coming into into. at any given time, demand for the Firm's merchandise, inner financing and monetary situation of the Firm, product deployment, competitors, our dependence on our enterprise companions, variations in world materials markets uncooked supplies and different enterprise issues involving the corporate, its merchandise and the markets through which the corporate operates or seeks to enter, in addition to normal financial circumstances. The forward-looking statements contained on this press launch are made solely as of the date hereof, and besides as in any other case supplied by relevant securities legal guidelines, the corporate disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not on account of info, future occasions or in any other case.
Warning relating to hashish operations within the United States
Buyers ought to observe that there are important authorized restrictions and rules that govern the hashish trade within the United States. Marijuana, as outlined within the US Managed Substances Act, stays a Schedule I drug below the respective legislation, making it unlawful below federal legislation in america, amongst others, to domesticate, distribution or possession of hashish. Monetary transactions involving proceeds generated by, or meant to advertise, cannabis-related enterprise actions in america might type the premise of prosecution below US federal cash laundering legislation. Please fastidiously overview the paperwork filed by the corporate with the SEC with respect to the related danger components.
SOURCE Redwood Inexperienced Corp.
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