Standard Tolling Corp. (the "Company" or "Standard Tolling") was incorporated under the Business Corporations Act (British Columbia) and the common shares of the Company are listed on the TSX Venture Exchange under the symbol TON.
The Board of Directors are continuing their efforts to salvage and sell what it can from the Huamachuco plant in Peru, with it being recognized that the majority of the costs of building the plant are sunk in construction and not salvageable and sellable. The land that the Huamachuco plant sits on may have value and the Company is now attempting to sell the land. The Company will update as sales of equipment and land are realized.
Standard Tolling owes an aggregate of US$2,250,000 in principal plus accumulated interest to the holders of 2,250 ore purchase notes with a face value of US$1,000 each an aggregate. The notes are in default.
During 2015, the Company entered into certain agreements with Inca One Gold Corp. ("Inca One") whereby the Company loaned Inca One cash and sold Inca One stock-piled ore and equipment. As announced on October 5, 2016, the Company completed the settlement of amounts owed by Inca One.
The proceeds of the settlement with Inca One and the proceeds, if any, on the sale of the land and additional equipment, will provide funds to go towards settling the debts of Standard Tolling.