Buyer Group International Inc. (BYRG.PK) Announces Second Phase of Recapitalization, Executes Initial Exploration of Precious Metal Properties
DALLAS, Feb. 17, 2012 /PRNewswire/ -- Buyer Group International Inc. (BYRG.PK), following a significant reduction in authorized shares to 1.3 billion, will cancel over 2.1 billion on Tuesday to complete its second phase of recapitalization. By injecting additional value into the company's portfolio of capital investments through an exchange of shares of the company for participation interest in upcoming projects, BYRG is positioning itself for greater share holder and investor value. The mining sector is largely responsible for increasing the company's capital portfolio with exploration arrangements for properties in Colorado and British Columbia approaching maturity. Through the reorganization of the BYRG.PK share structure, shareholders who participate in the exchange will receive distributions of profits based upon the production of materials from these precious metal yielding concessions.
British Columbia Evaluation:
Evaluation of an existing 4m x 4m x 150m tunnel was completed on the property from approximately 5,000 Metric Tonnes (MT) of material recovered resulting in production yields as follows: lead (31% lbpt), zinc (.55% lbpt), copper (3.7% lbpt), and gold (.133 opt) and silver (15 opt). When measured at today's prices, the evaluation suggests an average extraction value of $1,650 per MT. The property has been offered to BYRG.PK with a cap of $8 million in production residual to the previous owners over a 5 year period with an estimated 25,000 to 35,000 MT inferred reserves left.
A 1990 engineering report indicates this gold yielding property has an estimated 100,000 oz. reserves of gold, with an average of .75 opt in the cross section of an existing main shaft with ore shoots of 250 to 350 feet from cross sections drilled and assayed in the report. By current pricing, the value of the property is estimated at $150 million USD with further reserves anticipated once an extensive expansion program is completed. The representatives have offered BYRG.PK this property on a 50/50 net basis over a 7 year period.
Shareholders of BYRG.PK, including original investors of Curlew Resource Corporation from the prior reverse split, will receive a participation interest from future materials delivered. In exchange for every 50,000 common shares held a new share will be issued to the shareholder of record. As a result of cancelling 2.12 billion shares held by certain groups who pummeled the stock throughout 2011 the buy and hold shareholders will see less dilution over their holdings. The CEO of BYRG.PK was quoted as saying, "We're not happy with the broker dealers who shorted our stocks and did nothing but drive the price into the ground. We sought out whose doing what and are cancelling certain shares. We've taken over 2.1 billion shares from those that caused those massive drops and are giving that interest back to our loyal shareholders. Working with solid investment firms will assist in a major way towards capitalizing our projects in the proper fashion. As the participation interests are assigned results will be paid out through quarterly or annual dividends in the preferred share structure from gains made through delivery of product. We look forward to these very positive changes."
News for BYRG is located at http://www.buyergroupint.com/news.html
Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A & 27E of the Securities Act of 1933, 1934. Statements herein that are not historical facts are deemed forward-looking statements based upon management's current expectations. Investors are cautioned that forward-looking statements are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ materially from those set forth and management undertakes no obligation to update or revise such statements. Actual performance results may differ materially from those suggested herein due to uncertainties including, without limitation, ability to obtain financing, regulatory and shareholder approval, and the ability to attract or retain key management personnel.
SOURCE Buyer Group International Inc.
Browse our custom packages or build your own to meet your unique communications needs.
Learn about PR Newswire services
Request more information about PR Newswire products and services or call us at (888) 776-0942.