PNG Gold Corporation (the "Company") is incorporated under the laws of British Columbia, Canada. The Company's shares are listed on the TSX Venture Exchange and trade under the symbol "PGK". The Company's principal business activities were related to its 100% interest in the Normanby exploration license and the Sehulea exploration license, on Normanby Island, eastern Papua New Guinea ("PNG").
On February 4, 2015, the Company announced its intention to enter into the oil re-refining business through a proposed transaction, with VeroLube Inc. ("VeroLube") VeroLube is a provider of used motor oil re-refining services using its patented and certified ReGenTM re-refining process. In February 16, 2016, the Company announced that it will not be proceeding with the proposed transaction although it remains very interested in the potential of the ReGen technology and is therefore continuing to pursue alternative transactions involving the ReGen technology and potentially VeroLube. No agreement in principle or understanding has been reached about any alternative transaction at this time.