New Colombia Resources, Inc. (OTCMKTS:NEWC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On November 18, 2016, the Company entered into a joint venture operating agreement with MSG Mining Corp. (“MSG”) of Somerset, KY to develop MSG’s wholly owned Coal Mining Concession Contract # JC3-15231 in the Republic of Colombia to extract coal and possibly produce a Coke product for international or local sales. The Company will meet at the mining site with MSG to determine their course of action based on an existing Work Plan developed by an experienced geological consulting firm in the area. MSG asserts and has provided evidence it does own the mining rights to this concession contract with an approved Plan de Trabajo y Obra (“Work Plan”) from the Agencia Nacional de Mineria (“ANM”) and approved Licencia Ambiental (“Environmental License”) from the competent local environmental authority.
The Company and MSG are forming a Venture Company in Colombia to execute the agreement anticipating coal mining activities beginning in February of 2017. Plans are to extract 10,000 tonnes of metallurgical coal per month scaling up as market conditions and available resources allow. The Venture Company will be 51% owned by New Colombia Resources, Inc. and 49% owned by MSG Mining Corp. with profits and loses likewise distributed.
Item 8.01 Other Events.
The Company informs that an independent audit review is being performed by a registered PCAOB inspected auditing firm of their Form 10K annual report for Fiscal Year 2015.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The exhibit listed in the following Exhibit Index are filed as part of this Current Report on Form 8-K.
Excerpt from New Colombia Resources, Inc. and MSG Mining Corp. Joint Venture Operating Agreement
About New Colombia Resources, Inc. (OTCMKTS:NEWC)
New Colombia Resources, Inc. is a metallurgical coal company. The Company is focused on the acquisition and development of high quality metallurgical coal producers in Colombia. The Company is focusing on its La Tabaquera coal and rock project (the Project) located in the Municipality of Guaduas, approximately 100 kilometers northwest of Bogota. The 57 hectares La Tabaquera (in yellow) and the 390 hectares mine La Herradura (in Orange), are located to the west of the La Bermeja Ravine, crossing Rio Guaduero from north to south, with a linear extension of 2.5 kilometers north-south direction and 0.2 kilometers approximately, from east-west. The Company’s rock crushing plant has a processing capacity of over 100 cubic meters (m3)/hour of aggregates. The Company has a medical cannabis business in Colombia operating as Sannabis SAS. New Colombia Resources, Inc. (OTCMKTS:NEWC) Recent Trading Information
New Colombia Resources, Inc. (OTCMKTS:NEWC) closed its last trading session down -0.0011 at 0.0112 with 9,200,099 shares trading hands.