Nissi Mining Co. cancelled the acquisition of Monkey Rock Group (Pink Sheets: MKRO) from John Anthony Dent, Matthew Dent, Peter Smith and other shareholders in a reverse merger transaction.
July 26, 2012 at 05:00 am
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Nissi Mining Co. signed a share purchase agreement to acquire Monkey Rock Group (Pink Sheets: MKRO) from John Anthony Dent, Matthew Dent, Peter Smith and other shareholders in a reverse merger transaction on June 23, 2011. Under the terms, 1 million shares of Nissi preferred stock representing 100% of the issued and outstanding preferred stock of Nissi shall be exchanged for the 50 million shares of Monkey Rock received by Nissi and 1000 shares of Nissi common stock representing 100% of the common shares shall be exchanged for 40 million newly issued shares of Monkey Rock common stock. Nissi shareholders will become the majority owners of the outstanding shares of the Monkey Rock, resulting in a change of control of the Monkey Rock. Monkey Rock Group, Inc. will ultimately be rebranded and renamed NISSI Mining.
Monkey Rock Group will reorganize its top management and will restate its core mission to that of mineral producer, producing silver, gold and other metals. At the closing, the current directors and executive officers of Monkey Rock will resign and Founder Dexter F.K. Aspacio will be appointed to act as the sole director of Monkey Rock. Dexter F.K. Aspacio will be appointed as Chairman, President and Chief Executive Officer of Nissi Mining. Monkey Rock Group will transfer all of the assets and liabilities of South Dakota operations of Money Rock USA, LLC prior to closing. The Money Rock USA, LLC shall be spun out to John and Matthew Dent in exchange for their assumption of all of the Monkey Sub liabilities.
The transaction is subject to due diligence, regulatory approval, third party approvals, consent of lenders, conversion of debt to equity and approval by Nissi Mining and Monkey Rock board. The transaction has been approved by the respective Board of Directors of Nissi Mining and Monkey Rock Group. Subject to the satisfaction or waiver of the conditions to the closing, transaction is expected to close on July 6, 2011.
Nissi Mining Co. completed the acquisition of Monkey Rock Group (Pink Sheets: MKRO) from John Anthony Dent, Matthew Dent, Peter Smith and other shareholders in a reverse merger transaction on September 8, 2011.
Nissi Mining Co. cancelled the acquisition of Monkey Rock Group (Pink Sheets: MKRO) from John Anthony Dent, Matthew Dent, Peter Smith and other shareholders in a reverse merger transaction on July 26, 2012. Nissi Mining Co and Monkey Rock Group have agreed that it is in the best interest of both companies to unwind the transaction entered into under the purchase agreement because all of the purchase price has not been paid and the auditors have indicated that the consolidated audit cannot be completed. The inability to complete the audits has resulted in Monkey Rock being delinquent in its filing obligations. Dexter Aspacio will resign from all position of Monkey Rock and will appoint John Dent to the Board of Directors.
Monkey Rock Group, Inc., formerly ComCam, Inc. is a development-stage company. The Company is engaged in the operation of the Los Flores Mine located in Yuma, AZ. The Los Flores Mine consists of seven claims. The Los Flores Mine is located 15 miles northeast of the city of Yuma, Arizona. As of December 31, 2010, the Company focused on gold mining. Nissi Group Incorporated (Nissi Group) is a wholly owned subsidiary of the Company. Nissi Mining Company focuses on becoming an independent producer of gold and other precious metals. As of January 1, 2012, the Company had no mining operations. On September 8, 2011, the Company acquired 100% interest in Nissi Mining Group, Inc. On February 26, 2010, the Company acquired Monkey Rock USA, LLC in a reverse merger.
Nissi Mining Co. cancelled the acquisition of Monkey Rock Group (Pink Sheets: MKRO) from John Anthony Dent, Matthew Dent, Peter Smith and other shareholders in a reverse merger transaction.