6 October, 2012, London, UK
The board of VG Resources Limited (VG) has today announced that VG has agreed terms with Virgin Gold Mining Corporation of Panama (VGMC) under which VG will acquire a range of assets from VGMC, specifically its corporate investment portfolio and VGMC’s participation, joint venture and development rights in a number of present and future mining ventures. For the sake of clarity, VG has emphasised that the deal with VGMC is an asset acquisition and will not entail VG acquiring any shares in VGMC.
Commenting on the deal, VG director, Bryan Cook said:
“The board of VG is very pleased to have secured the company’s first deal so soon after it was listed on GXG. This is the first step in achieving VG’s longer-term strategic plan”.
VG Resources Limitedwas admitted to trading on GXG Markets-OTC on 27 September 2012
Its mission is to acquire one or more operating businesses through a merger, share purchase, asset acquisition, reorganization or similar transaction. Its initial efforts will be focused on businesses whose principal operation is gold mining in Central and South America. For this purpose, the term “gold mining business” includes related activities such as evaluation, exploration, development and production.
Safe Harbour Statement : The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company’s control with respect to market acceptance of new technologies or products, and other risks detailed from time to time.
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VG Resources Limited Ticker Symbol: VGRE
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