Guyana Goldstrike Faces Setback as Romanex Terminates Purchase Agreement
Vancouver, Canada -- March 25, 2020 -- NewsGenie -- Guyana Goldstrike Inc. (TSXV:GYA) is facing complications regarding its Marudi Gold Project in Guyana, South America. The company's agreement to acquire Romanex Guyana Exploration Ltd., which controls the mining license for the project, has been terminated by Romanex.
Guyana Goldstrike entered into a share purchase agreement with Romanex in November 2016, committing to cash payments and share issuances to acquire Romanex. While the acquisition was initially completed in March 2017, obligations remained.
The company has been working with Romanex to extend payment deadlines. However, Romanex has refused further extensions and has terminated the Purchase Agreement, citing disagreement with Guyana Goldstrike's invocation of force majeure due to the COVID-19 pandemic.
Guyana Goldstrike is assessing its options for enforcing its rights and recouping investments, but currently lacks control over Romanex and activities at the Marudi Gold Project.
The Company will provide further updates as the situation develops. For inquiries, contact CEO Peter Berdusco at pber@guyanagoldstrike.com or 1.877.844.4661.