TORONTO, Sept. 17, 2015 /CNW/ - (TSXV: GMN) GobiMin Inc. (the "Company" or "GobiMin") announces that it has sold the Company's investment in 40,000,000 shares, being its partial shareholding, of Loco Hong Kong Holdings Limited ("Loco HK") to third parties (the "Transaction") for gross proceeds of approximately US$4.7 million which will be received on September 21, 2015. The Transaction is an Arm's Length Transaction as defined in the TSX Venture Exchange policies. After the Transaction, GobiMin remains having a 38% equity interest in Loco HK.
Mr. Felipe Tan, CEO of GobiMin, commented on the Transaction: "Having regard to the current market price and the global economic conditions, we take the view that it is a good timing and value to realise part of the Company's investment in Loco HK. The resources of the Company can be better deployed in developing our other assets or potential projects after the disposal. The proceeds from the Transaction will strengthen our financial base and increase our financial flexibility."
"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, Email: [email protected]