Star Alliance Cancels the Letter of Intent to Acquire Gold and Lithium Mines in Nigeria
Star Alliance International Corp. (STAL) has canceled its agreement to acquire seven gold and lithium mines in Nigeria from NSM USA and NGM USA. The decision follows the inability to obtain essential due diligence documentation from the sellers over the past year. Chairman Richard Carey emphasized the need for caution to safeguard the company and its shareholders. Although funding for the mines was not readily available, the absence of required paperwork ultimately halted the transaction. Star Alliance continues to seek new opportunities to enhance and diversify its asset base, maintaining focus on its core business in precious metals and eco-friendly technologies.
- Star Alliance remains focused on core business assets and continues to seek new opportunities.
- Company has strong assets in the US, Honduras, and Guatemala, including gold mines.
- Cancellation of the Nigeria mine acquisition may limit immediate expansion opportunities.
- Lack of due diligence from sellers raised concerns about transaction viability.
WESTLAKE VILLAGE, CA / ACCESSWIRE / March 9, 2023 / Star Alliance has decided and has cancelled the agreement between NSM USA and NGM USA, the Sellers of seven gold and lithium mines in Nigeria. Over the last year, Star has not received the required due diligence necessary from the Seller to be comfortable with the transaction.
Although the Buyer's required funding for these mines has not been readily available, the Company would not have been able to proceed without this necessary confirming paperwork.
Richard Carey, Chairman of STAL, commented, "It is a shame that we cannot move forward on this transaction, however it is appropriate that we exercise caution to protect the Company and it's shareholders and be very sure of the assets we are acquiring. Although we remain focused on our core business assets, we will continue to look for opportunities that will add and strengthen our asset base."
About Star Alliance International Corp.
Star Alliance International Corp. ("the Company", or "STAL") was incorporated in the State of Nevada on April 17, 2014, under the laws of the State of Nevada.
Star Alliance International Corp is a Worldwide Holding Company with strong assets in the US, Honduras, and Guatemala.
Star's assets include gold mines in California and Honduras. In addition, Star searches out innovative new technologies that are eco-friendly including "Genesis."
We have recently agreed and are in the midst of closing the purchase of
Lastly, we have our patented Barotex™ Technology. Barotex is a fiber, manufactured from volcanic rock, that is incredibly light, stronger than steel, wood, carbon fiber, fiberglass, aluminum and Kevlar and is recyclable. The product can be used in many everyday applications.
We anticipate continued expansion of our efforts domestically and abroad, with a particularly keen focus on breakthrough separation and processing technologies for precious metals and rare earths.
It is Star's goal to become a very well-rounded enterprise with sufficient diversification paired with a balanced approach ensuring the very best possible results and the highest possible value for our shareholders.
Safe Harbor and Informational Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Security Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statement of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial conditions or results of operations; (iii): the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends.
The words "may", "would", "will", "expect", "estimate", "anticipate", "believe", "intend", and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statement is not a guarantee of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's statements and reports filed with the OTC Markets. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements.
For more information, contact STAL.
E Mail: info@staralliancemines.com
Web Site: staralliancemines.com
Facebook, Linkedin,
Twitter, @staralliancein1
SOURCE: Star Alliance International Corp.
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FAQ
Why did Star Alliance cancel the acquisition of mines in Nigeria?
What impact does the cancellation of the Nigerian mines have on Star Alliance?
What is Star Alliance's core business focus after canceling the Nigeria acquisition?
What does Star Alliance plan to do following the cancellation of the mine acquisition?
