Examples of Choco 5 in a sentence
Gold Reserve is engaged in the business of exploration and development of mining projects and focuses the majority of its management and financial resources on its most significant asset, Brisas (a gold/copper deposit), and to a lesser extent the exploration of its Choco 5 project, both located in Bolivar State, Venezuela.
Since Rusoro has stated that one of the four reasons for the Rusoro Offer is to “identify opportunities to optimize the development of Gold Reserve’s Choco 5 Project”, we believe that Rusoro must have, or must think that it has, material information regarding the value of the Choco 5 Project.
In addition, we are concerned about Rusoro’s possession of information regarding our Choco 5 Project that we believe Rusoro gained through unauthorized means.
In addition, Gold Reserve believes Rusoro collected information regarding Gold Reserve’s Choco 5 Project through unauthorized drilling, thereby precluding the Rusoro Offer from being a Permitted Bid under the amended Rights Plan, which excludes any takeover bid made by a party who possesses confidential information concerning Gold Reserve without an appropriate confidentiality agreement.
Background [6] Gold Reserve is engaged in the exploration and development of mining projects, in particular the Las Brisas del Cuyuni property, a gold and copper project (“Brisas Project”), and the Choco 5 property, both being located in Bolivar State, Venezuela.
In the present case, Claimant holds 100 percent of the Brisas Project and the Choco 5 Property and is therefore entitled to 100 percent of the free cash flows these assets were expected to produce.
In May or early June 2008, agents or employees of Rusoro’s subsidiary Promotora Minera de Guayana, S.A. (“PMG”) entered onto our Choco 5 Project and obtained drill samples without Gold Reserve’s permission.
Instead, we have determined Claimant’s loss related to the Choco 5 Property by calculating the “wasted costs” associated with the Choco 5 Property investment.
Gold Reserve’s losses entail, most prominently, the loss of the returns it stood to gain from the Brisas Project and the right to develop the promising Choco 5 property, the rights to which it 6 Request for Arbitration dated October 21, 2009 (“Request for Arbitration”) (Excerpted) (Exhibit 22), ¶ 96.
The total damages suffered by Claimant due to Respondent’s Measures is the fair market value of the Brisas Project as of 14 April 2008 plus the wasted costs in the Choco 5 Property as of 14 April 2008.