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Sunvault ..first national program to provide independent energy to aboriginal communities...UC interested in developing (with debt) resources in similar territories ...coincidence - maybe
From the June accounts on Sedar...
6. LOAN On October 24, 2014 the Company purchased solar panel equipment in exchange for the assumption of $375,000 in debt due to Sunvault Energy Inc., a company with a director in common. The debt is unsecured, non-interest bearing and payable on demand. UC Resources has the right at its option to choose to convert to shares for debt pending TSX approval for the vend-in of the solar panels.
NR May 22, 2015 TSXV Trading Symbol: UC UC RESOURCES ANNOUNCES COMPLETION OF SHARES FOR DEBT VANCOUVER, BRITISH COLUMBIA—(Marketwired – May 21, 2015) - UC Resources Ltd. (the “Company”) (TSX VENTURE:UC), having received regulatory approval and pursuant to the news release of May 7, 2015, announcing the debt settlement, has fully satisfied and extinguished past debt owed to Sunvault Energy Inc. (“Sunvault”) by the Company in the amount of $80,000 by the issuance of a total of 1,600,000 common shares of the Company at a deemed price of $0.05 per share to Sunvault.
Somebody posted here they acquired solar panels to use in Mexico, and thought acting as as a sales agent to other miners might add to income since, no sign that's been a success.
A business can't function with a pile of debt and no income to pay it or keep it going as a concern..it's as simple as that.
They were hoping for another loan from the Mexican Govt, and it doesn't seem as though it materialised. Assets went, so did debt, so presumably the debt was backed by the assets, I don't know for sure, I'm guessing, but most business loans are backed by assets,
9 month consolidated financials are on Edgar and up to date, so UC hasn't gone by way of the dodo as yet, .. statements say that the interest is still new resource opportunities in Canada (debt based), and filings include solar panels. Statements made and certified in the financials are consistent with verbal advise given to shareholders.
That said, there's no guarantee this will be funded indefinately other than through shares, (no statement as such but infers this without income).
Next year could be the beginnings of a turnaround for PMs so maybe if things hold out a while there'll be some activity or other later on.
I thought I'd mentioned this already, Gary M has confirmed the site will be updated, it's being done with a few others
They are now going to be updating the web site, since the new ownership etc.