TORONTO, March 7, 2013 /CNW/ - (TSXV: GMN) GobiMin Inc. (the "Company"
or "GobiMin") is pleased to announce that its wholly owned subsidiary
has entered into a provisional agreement (the "PA") to acquire an
office property in Hong Kong (the "Acquisition") from an independent
third party (the "Vendor") together with the existing tenancy with a
rental income of USD13,630 (HKD106,000) per month to be received up to
March 31, 2014.
The tenancy agreement of the existing office premises of the Company in
Hong Kong will expire in mid March 2014. In light of the soaring
property prices in Hong Kong and the low interest rates, the Company
expects that rental prices will keep increasing. Therefore, the Company
proposes to fund the Acquisition and the related stamp duty and agent
commission with its own cash for about USD4.17 million (HKD32.4
million) and to settle the remaining consideration by a bank mortgage
of about USD2.4 million (HKD18.8 million).
Terms of the Acquisition
The total consideration of the Acquisition is USD6.04 million (HKD47
million). An initial deposit of USD257,000 (HKD2 million) was paid
upon signing of the PA. The formal Sales and Purchase Agreement will
be signed by mid March 2013 with the payment of a further deposit of
USD347,000 (HKD2.7 million). The Acquisition will be completed by the
end of June 2013 when the balance of the consideration of USD5.43
million (HKD42.3 million) will become payable.
USD1 = HKD7.776
"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 release."
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SOURCE: GobiMin Inc.
For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500