TORONTO, July 9, 2015 /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").
In light of the low interest rates and the soaring property prices in Hong Kong, the Company expects that rental prices will keep increasing. Therefore, the Company proposes to purchase an additional office property to cope with its future business expansion. The Company may fully settle the consideration of the Acquisition and the related stamp duty and agent commission for about USD2.18 million (HKD16,900,000) by its own cash or fund it partly by bank mortgage.
Terms of the Acquisition
The total consideration of the Acquisition is approximately USD2.0 million (HKD15.55 million). An initial deposit of about USD64,000 (HKD0.5 million) was paid upon signing of the PA. The formal Sales and Purchase Agreement will be signed by late July 2015 with the payment of a further deposit of USD136,000 (HKD1.055 million). The Acquisition will be completed by November 2015 when the balance of the consideration of about USD1.8 million (HKD13.995 million) will become payable.
USD1 = HKD7.77
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SOURCE GobiMin Inc.
For further information: Felipe Tan, Chief Executive Officer, Tel: (852) 3586-6500, Email: email@example.com