RE: ASX Announcement- June 1, 2018.
1 June 2018
3D Resources Ltd. (“3D Resources” or “the Company”) announces that dispute and default notices have now been served by the company on its Haitian partners in respect to their conduct under Subscription and venture Agreements, the Umbrella and Agreements which collectively govern the Company’s investment in the Morne Bossa and Grand Bois projects in Haiti. Link: Press Release: https://search.asx.com.au/s/search.html?query=ddd&collection=asx-meta&profile=web
Response to: (Haiti Update June 1- 2018 under www.asx.com.au) and a Series of previous misled postings; which have been requested to be corrected in multiple occasions.
On July 31st 2017; Resource Générale Corporation (“RGC”) a U.S. Company and its partner company “Sono” (the U.S Partners/ Not Haitian Partners) had entered into a series of agreements with 3D Resources Ltd to earn 70% of the U.S. Partners’ subsidiaries in Haiti, upon 3D Resources and its nominee subsidiary met the define milestones under the terms of the July 31st 2017 agreements; and if these set of milestones are completed successfully, 3D shall earn another 5%. As a condition of the Agreements the parties have agreed to a 50/50 Board Control of the company oversight operation.
Since, the execution of the agreements; the parties appointed a Manager/ Management subsidiary which have never been created, such Manager act in behalf of such company; it shall be noted the manager is a serving board of Director of the Haiti subsidiaries and the Managing Director/Board of Director of the the publicly traded company.
Pursuant to 3D Resources Ltd (Haiti update press release) Quote: “announces that dispute and default notices have now been served by the companies to the Manager/Management company”. RGC felt obligated to respond to such press release posted a matter to in light this matter including various other press releases which have been misleading information, untruthful information to the public, and malfeasance intent to devalue the projects and their assets.
RGC Management since inception have had concerns of the overall approach of the new parties/Manager and its parent company 3D Resources Ltd herein referred as “The Manager”. “The Manager” have shown significant lack of management capabilities whether with Government relations and overall operational management capabilities; the parties have broken different applicable laws. In fact, “The Manager” had continuously tried to operate outside of the agreement parameters and circumvent the Boards of Directors of the local companies.
In light of such, the 50% board members that represent the interests of RGC and Sono have started an Investigation; during such investigation the members had identifies a series of serious misconducts that could have put the companies, their licenses and some of the board members reputation including but not limited to local community members at significant risks; the 50% board members of the company have decided to request the termination of “The Manager” after multiple notices that were sent to the parties, these notices have been ignored; all advices have been ignored. Multiple Misconducts complaints from different parties have led to the termination of “The Manager”. As the result of the investigation and seriousness of the misconducts identified; the 50% members of the boards have been left with no choice but to request the termination of “The Manager”.
As the U.S Partners “U.S. Companies”, we had made it very clear to the parties and personal prior signing the agreement that they must operate in a proper manner in Haiti as they were operating in Australia / U.S. or any other country. RGC and Sono as the U.S Partners maintain a zero-tolerance level for the identified misconducts and vowed to follow the U.S FCPA regulations and any other regulations as well as maintaining respect to the Haitian Laws. The U.S. Partners are still evaluating with their legal counsels and regulatory bodies requirements the best approach to take in conjunction of the said misconducts while keeping an open mind to mitigate the situations while protecting the integrity of the projects together with the members of the U.S. partners under the U.S Laws and all applicable Laws as stated under the agreements.
It shall also be noted, the 50% of the board have rejected the Force Majeure Claim by “The Manager”as the claim did not follow standard protocols for claiming Force Majeure. According to our investigations “The Manager” have broken multiple laws. RGC and SONO are U.S. Companies that will not tolerate such misconducts; beside of the regulators, we are still evaluating the financial damages cause to us by “The Manager” / 3D Resources Ltd.
Resource Générale Corporation