TORONTO, May 31, 2011 /CNW/ - Gold World Resources Inc. (TSXV: GDW) or ("the "Company") today
announced that on May 27, 2011 it reached agreement with Hermann
Derbuch, the Chairman and Chief Executive Officer of the Company, to
convert an aggregate amount of $262,000 owed by the Company to him in
respect of deferred salary for fiscal 2008 through 2010 into common
shares at a price of $0.05 per common share, subject to shareholder
approval and TSX Venture Exchange ("TSX-V") acceptance.
Pursuant to the agreement a total of 5,240,000 common shares will be
issued to Mr. Derbuch in settlement of the debt owing. Following the
conversion, Mr. Derbuch will own 6,040,000 common shares, being
approximately 5.1% of the 119,327,376 common shares which would then be
The common shares will be issued pursuant to TSX Venture Exchange
("TSX-V") Policy 4.3, "Shares for Debt". The common shares, when
issued, will be subject to a hold period of four months and one day
from the date of issue.
In its consideration and approval of this transaction, the company's
board of directors (the "Board") took note that the share for debt
agreement with Mr. Derbuch is a related party transaction, as defined
in TSX-V Policy 5.9 and Multilateral Instrument 61-101 - Protection of
Minority Security Holders in Special Transactions ("MI 61-101") and
that it is in the best interests of the Company to conclude the
agreements. The Board determined that the transaction is exempt from
the formal valuation and minority approval requirements of MI 61-101
under sections 5.5(a) and 5.7(a) of MI 61-101 respectively.
About the Company:
The Company is a gold and precious metals exploration company with a
current focus on the Mount Anderson Yukon gold/silver, polymetallic
ON BEHALF OF THE BOARD
Chairman & CEO
Gold World Resources Inc.
Certain of the statements made and information contained herein is
"forward-looking information" within the meaning of the Securities Act
(Alberta), including statements concerning Gold World Resources' plans
for the Property, which involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Gold World Resources, to be materially different from
any future results, performance or achievements expressed or implied by
such forward-looking information. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or
accuracy of this release.
SOURCE Gold World Resources Inc.
For further information:
Hermann Derbuch, P.Eng.
Tel.: 416.594.9888 Fax: 416.594.1967