TORONTO, Jan. 30, 2012 /CNW/ - (TSXV: GMN) GobiMin Inc. ("GobiMin" or the "Company") announces that further to the press release published on August 30, 2011, it has entered into a third supplemental agreement (the "Supplemental Agreement") with China Daye Non-Ferrous Metals Mining Limited ("China Daye") for a further extension of the deadline for obtaining the Yanxi Mining Licence in connection with the disposal of the Yanxi Copper Deposit completed in July 2010.
The PRC government is at the final stage to process the application for the Yanxi Mining Licence and the Company is awaiting the issuance of the exploration licence for the adjacent New Area. However, the process is delayed due to the Lunar New Year holidays in China. The Company and China Daye have entered into the third Supplemental Agreement for, among other things, the following terms and conditions:
- The deadline for obtaining the Yanxi Mining Licence and the exploration licence of the New Area are extended from January 31, 2012 to May 31, 2012.
- The date of repayment from China Daye of the outstanding principal of the convertible bonds (the "CB") is extended from June 30, 2013 to October 31, 2013.
Accordingly, at the discretion of China Daye, either:
|(i)||the repayment date from China Daye of the outstanding principal of the CB is extended from June 30, 2013 to October 31, 2013, without extension of the period of the related rights of conversion; or|
|(ii)||subject to approval of The Stock Exchange of Hong Kong Limited and shareholders of China Daye (if necessary), the maturity date of the CB is extended from July 22, 2012 to June 30, 2013, including the deadline for conversion.|
Certain statements contained in this press release constitute forward-looking information. Such statements are based on the current expectations of management of GobiMin. The readers are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking information. The readers should not place undue reliance on the forward-looking information included in this press release given that (i) actual results could differ materially from a conclusion, forecast or projection in the forward-looking information, and (ii) certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information could prove to be inaccurate. These statements speak only as of the date they are made, and GobiMin assumes no obligation to revise such statements as a result of any event, circumstance or otherwise, except in accordance with law. There is no guarantee that the Transaction will be completed on the terms and conditions described in this press release.
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For further information:
Felipe Tan, Chief Executive Officer
Tel: (852) 3586-6500