/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./
TORONTO, Dec 1, 2014 /CNW/ - Velocity Trade Holdings Ltd. announces that since the recent acquisition of Toronto-based brokerage Magna Partners Ltd. (each of Velocity Trade and Magna Partners hereinafter referred to as the "Company" or "Velocity"), the Company was engaged to source, structure, manage and close a business combination transaction for South African based African Star Minerals (Pty) Ltd. Velocity was instrumental in identifying Tango Mining Limited, Canada (TSXV:TGV) ("Tango Mining") for the purposes of the engagement, and on October 1, 2014 Tango Mining announced its intent in respect of the business combination transaction with African Star Minerals, the closing of which occurred on and was announced as at October 30, 2014.
Velocity played a lead role in structuring and expediting the business combination transaction which included site visits to 4 mine sites, regulatory and fiscal advisory work and document preparation. Highlights of Tango Mining (www.tangomining.com) are as follows:
- Four thermal coal, metallurgical and processing plant contracts, with clientele that include Total (SA) and Glencore, are forecast to process 6.5 million tonnes per annum and 19.5 million tons are contracted over next 3 years, with total current staffing complement of 285.
- Forecasted revenue generated of CAD 11,984,000 for the fiscal year, ending August 2015.
- Oena Diamond Mine development decision pending completion of National Instrument (NI) 43-101 report.
- Jakkelsdraai alluvial diamond prospecting work program to commence in December 2014.
Velocity Trade, directly and indirectly, offers brokerage services through 5 regulated entities globally, and the acquisition and change of control of Magna Partners enables the organization to seamlessly facilitate transactions that originate from its growing global client base.
About Magna Partners Ltd.
Magna Partners Ltd. is registered as an investment dealer in the provinces of Ontario and Quebec. Magna is a member of the Investment Industry Regulatory Organization of Canada (IIROC), the Canadian Investor Protection Fund (CIPF) and a participating organization of the Toronto Stock Exchange, TSX Venture Exchange.
About The Velocity Trade Group Of Companies
Through its global network of wholly owned regulated and registered subsidiary companies, Velocity Trade provides corporate and institutional clients competitive brokerage services in a multitude of global over-the-counter (OTC) and exchange listed equity markets. Velocity Trade offers services in a broad range of markets, including: (i) foreign exchange hedging, trading, settlement and prime of prime; (ii) global equity; and (iii) corporate finance and advisory. Velocity Trade has offices in Toronto, Montreal, New York, London, Cape Town, Sydney and Auckland.
No Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Velocity Trade Holdings Ltd. contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the company's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
SOURCE: Velocity Trade
For further information: Simon Grayson, Chief Executive Officer, Velocity Trade Holdings Ltd., T: (416) 855 2800, www.velocitytrade.com; Simon Law, President, Velocity Trade Holdings Ltd., T: (416) 855 2800, [email protected]; Jennifer Boyle, B.A., LL.B., Global Head of Corporate Finance, Magna Partners Ltd., C: 416 904 2714, [email protected]