Golconda Resources Decides To Dissolve Corporation - Quick Facts

(RTTNews) - Golconda Resources Ltd. (GA.V) said that after extensive and careful consideration of potential strategic alternatives, its board of directors has determined it is in the best interests of the corporation and its shareholders to dissolve the corporation.

The company cited several factors for the dissolution - including lack of business and revenues, difficult economic conditions, the costs of both maintaining a listing on the NEX board of the TSX Venture Exchange and complying with the requisite continuous disclosure obligations, its inability to raise funds through the issuance of equity on acceptable terms, and the corporation's high going concern risk.

The company does not currently have any ongoing business operations and anticipates that it will have no assets to liquidate or cash to distribute to its shareholders in connection with the dissolution.

Despite this, the company will evaluate other opportunities that have the potential of providing a return to its shareholders, until such time as shareholder approval is received for the dissolution.

The board has called a special meeting of shareholders to be held at 9:00 a.m., on Friday, April 29, 2016 in Calgary, Alberta, to vote to approve by special resolution for the voluntary dissolution.