Formally Yukon Gold Corporation, Inc.
OAKVILLE, ON, July 18, 2014 /CNW/ - GlobalMin Ventures Inc. (the "Company") (OTC Market: YGDC/new symbol GMVI)
The Company is pleased to announce that it entered into binding agreements for the Company to acquire 100% ownership of the Guyana Platinum Project ("GPP").
The original agreement to purchase the 77% interest in the Guyana Platinum Project held by GlobalMin LLC ("GlobalMin") previously announced in a press release on March 24, 2014 has now been replaced by two agreements. Due diligence carried out by the Company determined that the Agreement may have had certain tax consequences and therefore needed to be amended and replaced by two agreements; 1.) between GlobalMin Guyana Inc.("GGI"), its Directors, and the Company (the "GGI Agreement") and 2.) between GlobalMin, and the Company (the "Acquisition Agreement").
The Acquisition Agreement with GlobalMin remains substantially the same as the original Agreement less the acquisition of 100% of GGI for which the Company will issue 20,000,000 shares.
The "GGI Agreement" with GGI and the Directors of GGI, further defines the acquisition of 100% of control of GGI and the requirement to form a subsidiary in Barbados for the US Tax Treaty benefits.
A binding formal agreement with Mojave Gold Corporation ("Mojave") replaces the Letter of Intent ("LOI") previously announced in a Press Release dated June 3, 2014. The Company will issue Mojave 20,000,000 shares of which 5,000,000 will be delivered to the Lenders to settle a lawsuit issued against Mojave, GlobalMin, and GGI.
The closing of all the Agreements is scheduled for July 28, 2014 or on receipt of the prospecting licenses. Following closing of the Agreements, debt settlement and initial financing the Company will have 60,195,073 shares outstanding.
As previously noted in our Press Release dated June 3, 2014, the applications for the (10) Prospecting Licenses covering 128,000 acres (200 square miles) are currently being processed. Several recent trips to Guyana have yielded a positive, supportive relationship with the Government and assurances that the 10 Prospecting Licenses, needed to further develop and drill these areas, should be issued over the next 60 days. Once received, it remains the Company's intentions to test drill the 3 identified targets in the final quarter of 2014.
The Company has completed the name change to GlobalMin Ventures Inc., a 10 for 1 rollback where 10 existing common shares will be replaced by 1 common share with fractional shares averaged up and no shareholder receiving less than 100 shares. The Company has also adopted a 2014 Stock Option Plan. The current trading symbol will be reflected as "YGDCD" for the next 20 business days after which it will be replaced by the new symbol GMVI.
Peter Shepherd comments, "With 100% interest now in GlobalMin Ventures Inc. we find ourselves in a stronger position to access the public markets for capital and financing for this exciting Platinum Project. All parties have worked hard to make this happen and now as one team we will go forward from here and execute on our exploration plans with the potential of discovering a new World Class Platinum deposit."
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: Yukon Gold Corporation, Inc.
For further information:
Phone: (905) 845-1073