GlobalMin Ventures Inc. (Symbol: GMVI)
CARSON CITY, NV, Dec. 8, 2014 /CNW/ - GlobalMin Ventures Inc. announces the acquisition of 100% ownership of the Guyana Platinum Project ("GPP") in Guyana, South America, including ownership of GlobalMin Guyana Inc., has been completed in Escrow. Total consideration payable was 40 million restricted shares of GMVI (the Shares) and $1,000 Guyanese Dollars for all the outstanding shares of GlobalMin Guyana Inc. (the G Shares). All of the Shares and the G Shares have been deposited with an Escrow Agent. 20 million of the Shares were registered to Globalmin LLC, 15 million to Mojave Gold Corp, both private Nevada companies, and 5 million to two creditors (the Creditors) in settlement of outstanding Notes.
The escrow agreement provides for the Escrow Agent to hold the GlobalMin LLC Shares, the Creditors' Shares and the G Shares pending receipt of Prospecting Licenses which GlobalMin Guyana has applied for and are being processed by the Guyana Geology and Mines Commission. The Mojave Gold shares will be held by the Escrow Agent until a registration statement to be filed by the Company goes effective, following which they will be distributed to the Mojave Gold shareholders.
All parties receiving the GlobalMin Venture shares have agreed to a Lock up Agreement where 1/3 of the shares may be resold after 6 months following the registration statement becoming effective, 1/3 after 9 months, and 1/3 after 12 months.
At closing, two new Directors, John Mack and Dr. Paul Lechler were appointed to the Board of Directors. Joey Guerra and Howard Barth have submitted their resignations. The Company, withes to thank Joey and Howard for their services. Joey Guerra has agreed to act as an advisor to the New Board of Directors.
John Mack has over 30 years of international banking experience. For more than 25 years Mr. Mack served in senior management positions at Bank of America, including 12 years as Corporate Treasurer. Between 2002 and 2005 he served as Senior Managing Executive Officer and CFO of the $9 Billion Shinsei Bank of Tokyo, Japan and is presently Vice-Chairman and a Director of Islandsbanki located in Reykjavik, Iceland. He is an officer or director of several public companies. Mack holds an MBA from the University of Virginia Darden School of Business and a Bachelor's degree in economics from Davidson College.
John Mack comments, "As a co-founder of Mojave Gold, I am very pleased that after a number of years of hard work in advancing this project we are now positioned, with the completion of this acquisition by GlobalMin Ventures, to take the next exciting steps forward and drill these exceptional platinum targets that Dr. Lechler has discovered."
Dr. Lechler was Chief Geochemist for the Nevada Bureau of Mines and Geology. Paul received a BA in Geology from Montclair State College, an M.S. in Geochemistry from Rutgers University, and a Ph.D. in Geology and Geochemistry from MacKay School of Mines, University of Nevada, Reno.
His dissertation research focused on the geology and geochemistry of platinum-palladium deposits. He has dedicated many years to platinum exploration in Guyana, culminating with three major target areas stretching over 128 thousand acres, which are now nearly ready to drill. He will sit as a Board member and head the geological committee that GlobalMin Ventures will form.
Dr. Lechler comments, "I have been working closely with the Mining Commission in Guyana and we are progressing towards obtaining 10 Prospecting Licences. This will allow us to move forward with the next phase of exploration and test these targets with drill programs."
The Company's Platinum Project is located in Guyana, South America which is a mining friendly, English speaking and democratic country. The Project is made up of three main Target areas that are thought to be the sources of the Platinum Group Metals (PGM) present in river sediments located down stream of these Targets. The PGM discoveries are in an advanced exploration stage with results from exploration work in 2012 and 2013 further defining the mineralization in all three Targets.
FORWARD-LOOKING STATEMENTS: This news release may contain certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other ecological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forwarding-looking statements.
SOURCE: GlobalMin Ventures Inc
For further information: contact Peter Shepherd at 844-465-8023 or email at [email protected]