MVP Capital sells Valdez block

Toronto-listed MVP Capital Corp. has sold its 93.7% interest in Valdez Gold (ASE) to an investor group for $160,000.

This latest disposition by MVP follows on the heels of other transactions. For example, Valdez no longer holds its former 25% interest in the Valdez Creek placer operation. The gold property is now owned by Cambior, which acquired sole ownership by forgiving all outstanding obligations owed Cambior by Valdez and by acquiring 15 million MVP shares.

All Valdez’s obligations to MVP were settled when Valdez Gold transferred to MVP all its 39.6% interest in Excellon Resources and its 100% interest in Valdez Gold USA. Related debt was exchanged for a US$390,000 debenture issued by MVP. The debenture bears interest at 15% per annum.

On Aug. 15, all MVP’s outstanding preferred shares were converted into common shares. MVP now has 149 million shares outstanding.