TSX-V Symbol: GOT
Frankfurt: 0GT
VANCOUVER, March 22 /PRNewswire-FirstCall/ -
Golden Touch Resources Corp. ("Golden Touch" or the
"Company") (TSX-V Symbol: GOT; Frankfurt: 0GT) is pleased to
announce that it has received final acceptance from the TSX Venture
Exchange of the definitive agreement with Jab Resources Limited
("JAB"), whereby Golden Touch will acquire, through schemes of
arrangement under Australian law (the "Arrangement"), all of the
outstanding securities of JAB.
The Company now intends to implement the schemes of arrangement
involving JAB and its security holders and acquire all of the
outstanding securities of JAB. In consideration of the JAB
securities, the Company will issue JAB security holders 8,513,607
common shares, warrants to purchase 250,021 common shares at an
exercise price of $1.20 per share exercisable until December 31,
2011 and warrants to purchase 1,925,091 common shares at an
exercise price of $1.80 per share exercisable until December 31,
2011. In addition, the Company will make a $200,000 cash
payment to JAB to cover administrative costs to date.
Golden Touch is also very pleased to announce the appointment of
Mr. Robert Murdoch a new addition to the Board of Directors and as
the Company's new Chairman upon closing of the acquisition.
Mr. Aly Mawji, President of Golden Touch stated:
"Golden Touch and JAB have achieved another significant milestone
by obtaining TSX-V final acceptance for the acquisition of
JAB. The Company looks forward to completing the scheme of
arrangement over the coming days with security holders of
JAB. I would like to welcome Mr. Rob Murdoch to the Board of
Directors and look forward to advancing on the significant work
already completed to date by JAB and its team. Mr. Murdoch
brings over 40 years production and exploration experience to
Golden Touch."
Mr. Rob Murdoch, Executive Chairman of JAB, and
new Chairman of Golden Touch stated: "I am very pleased to join the
current Board of Golden Touch with the directive to advance the
work of JAB over the last five years. I feel with the capital
market experience Golden Touch brings, along with JAB's technical
expertise, the Company can become an industry leader in
Albania."
JAB's principal asset (held through its wholly
owned subsidiary JAB Resources SH PK, an Albanian registered
company) is the 100-per-cent-owned Albanian Exploration Projects, a
portfolio of exploration permits totalling approximately 140 sq.
km, located in Northern Albania. JAB has already spent in
excess of US$5 million on exploration within the permit areas,
which has resulted in the outlining of significant gold, platinum
group elements (PGE) and chromite mineralization. Golden Touch has
filed updated National Instrument 43-101 ("NI 43-101") compliant
technical reports on the Albanian Exploration Projects with the
TSX-V and once they have cleared comments the updated NI 43-101
reports will be posted on SEDAR.
On Behalf of the Board of Directors
Golden Touch Resources Corp.
"Aly B. Mawji",
President
NEITHER THE 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 NEWS RELEASE
SOURCE Golden Touch Resources Corp.