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announced in a press release on March 24, 2014 has now been replaced by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
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
SOURCE Yukon Gold Corporation, Inc.