TSX-V: GMN
TORONTO, Aug. 23, 2016 /CNW/ - (TSXV: GMN) GobiMin Inc.
(the "Company" or "GobiMin") announces that it has sold the
Company's investment in 113,000,000 shares, being its partial
shareholding, of Loco Hong Kong Holdings Limited ("Loco HK") to
third parties (the "Transaction") for gross proceeds of
approximately US$10.62 million which
will be received on August 26, 2016.
The Transaction is an Arm's Length Transaction as defined in the
TSX Venture Exchange policies. After the Transaction, GobiMin
remains having a 10% equity interest in Loco HK.
Mr. Felipe Tan, CEO of GobiMin,
commented on the Transaction: "In order to increase the flexibility
to invest in more potential assets or projects in future and
strengthen the financial resources of GobiMin, it was a good timing
and value for GobiMin to realise part of its investment in Loco HK
particularly in view of the market price of Loco HK shares and the
economic conditions."
"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.