10:36:44 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Digger Resources Inc
Symbol DIG
Shares Issued 11,349,035
Close 2015-10-07 C$ 0.10
Market Cap C$ 1,134,904
Recent Sedar Documents

Digger abandons discussions with KAID, KAUST re JV

2015-10-13 11:04 ET - News Release

Mr. Norman Yeo reports

PRESS RELEASE - UPDATE

Digger Resources Inc. would like to update shareholders on the status of discussions with KAID Investment Group and KAUST University Innovation Centre in connection with a proposed joint venture concerning the use of DIG's high-definition reservoir geochemistry (HDRG) technology. Whilst negotiations with KAID and KAUST continued subsequent to the company's press release of June 26, 2015, those negotiations related to a proposed joint venture with KAID and KAUST have been abandoned on account of the parties being unable to reach consensus on formal agreement terms, including a proposed non-refundable payment to be made to DIG to be used by the company to underwrite the cost of its continuing operations and to meet DIG's obligations as a quoted company.

As earlier reported DIG's ability to continue as a going concern is dependent on the company successfully marketing its HDRG technology, obtaining financing from related and third parties, and contracting future revenue through HDRG surveys. The company is still looking for external markets for its HDRG technology and is currently investigating sources of financing. Given the current negative oil and gas exploration environment DIG is also pursuing other corporate transactions that could see the company used as a start-up or for a go-public vehicle.

We seek Safe Harbor.

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