GobiMin Inc. - Receipt of Full Payment of Convertible Bonds
TORONTO, Jan. 16, 2014 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") is pleased to announce that in relation to the disposal of the Yanxi Copper Deposit (the "Deposit"), the Company has received full payment of the principal amount of the convertible bonds of USD28.3 million (HKD220 million) together with the accrued interests upon its maturity and has settled the consideration payables to the two PRC shareholders of the Deposit. GobiMin recorded a gain on the disposal of USD8.2 million, after deducting the share of the consideration payables to the PRC shareholders and the related costs.
GobiMin owns a 70% equity interest in Xinjiang Tongyuan Minerals Limited for the development of the Sawayaerdun Gold Project in Xinjiang, China. GobiMin also owns a 40%-50% interest each in three other base metal joint ventures in Xinjiang and an 3.5% equity interest in the Yanxi Copper Deposit. In addition, the Company also holds a 48.02% equity interest in a silver operation.
GobiMin is aggressively seeking opportunities to acquire high quality mining and exploration projects.
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. The readers are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The readers should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law.
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SOURCE GobiMin Inc.For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500