TORONTO, Feb. 14, 2023 (GLOBE NEWSWIRE) -- Rhyolite Resources Ltd. (TSXV: RYE) (“Rhyolite” or the “Company”) announces that the Company has completed the transfer of ownership of its wholly-owned subsidiary, Muckahi Inc. (“Muckahi”), to Fred Stanford, pursuant to the terms of a mutual separation agreement (the “Separation Agreement”) entered into between the Company and Mr. Stanford and dated effective December 15, 2022. The transfer of ownership follows the resignation of Mr. Stanford as Chief Executive Officer of the Company, and a decision by the board of directors of the Company to cease further development of the Muckahi Mining System. The transfer, along with a cash payment of $420,000 which has been paid to Mr. Stanford pursuant to the Separation Agreement, addresses all remaining obligations owing to Mr. Stanford.
Rhyolite Resources Completes Disposition of Muckahi
Feb 14, 2023
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