TORONTO, Sept. 26, 2011 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or
the "Company") is pleased to announce the completion on the disposal of
Balikun Coal Project in China. Further to the press release on August
23, 2011 and August 24, 2011 regarding the disposal of Balikun Coal
Project in China and the receipt of an initial payment of USD6.07
million and USD16.69 million respectively, the final payment of USD7.59
million was received.
For the disposal, GobiMin has received the total consideration of
USD30.35 million, which includes the proceeds of the disposal, the
repayment to the Company of the loans for the Balikun Coal Project and
the related interests. The total consideration represents
approximately USD0.48 (CAD0.48) per share of the Company.
GobiMin held approximately USD40 million (CAD40 million) in cash and
cash equivalent as at June 30, 2011, which represents approximately
USD0.63 (CAD0.63) per share on top of the said USD0.48 per share from
"Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this news
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SOURCE GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500