VANCOUVER, Nov. 2, 2017 /CNW/ - Castle Peak Mining
Ltd. ("Castle Peak" or the "Company", TSXV: CAP)
is pleased to announce that at the Annual General and Special
Meeting of the Company on October 19,
2017 (the "Shareholders' Meeting"), the shareholders
of the Company approved the sale of the Company's exploration
interests in the southern Ashanti
Belt, Western Region, Ghana
to Star Goldfields Ltd. (the "Transaction") for proceeds of
an aggregate of US$4,250,000 in
cash.
The closing of the Transaction is expected to take place in
November 2017, following satisfaction
of certain conditions precedent set out in the Share Purchase
Agreement dated July 31, 2017 between
Castle Peak and Star Goldfields Ltd. (the "Agreement") which
remain outstanding. The parties have agreed to extend the
term of the Agreement to November 30,
2017.
As previously disclosed, following completion of the
Transaction, the Company will not have any active business
operations or assets other than cash. At the Shareholders' meeting,
the shareholders approved certain alternatives which may be carried
out at the directors' discretion, including distribution of the
Company's assets and dissolution of the Company. The Board of
Directors of Castle Peak intends to explore potential strategic
alternatives following the closing of the Transaction and will
update shareholders when any decisions are made. There can be no
assurance that such exploration of strategic alternatives will
result in a transaction being pursued, entered into or
consummated. The TSXV may transfer Castle Peak to the NEX, a
separate board of the TSXV if Castle Peak fails to meet the ongoing
minimum listing requirements of the TSXV.
At the Shareholders' Meeting, two additional directors,
Iyad Jarbou and Michael Novak were elected. In addition,
following the Shareholders' Meeting, Jurgen Eijgendaal has informed
the Company that he will be resigning from the Board of Directors
of the Company for personal reasons. In order to fill the
vacancy left by Mr. Eijgendaal's resignation, the Board of
Directors has appointed Mr. Andreas
Marangos to the Board of Directors. The Company thanks
Mr. Eijgendaal for his years of service as a Director of Castle
Peak and welcomes Mssrs. Jarbou, Novak and Marangos to the
Board.
About Castle Peak
Castle Peak Mining Ltd. is a
Canadian-based junior exploration company focused on advancing
greenfields and early stage gold projects. The Company holds a
strategic land package in the Ashanti belt adjacent to several
producing gold mines in Ghana,
West Africa. The Ashanti belt is
known as one of the most prolific gold belts in the world.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING
STATEMENTS:
Certain information provided in this press release
constitutes forward-looking statements and information within the
meaning of applicable securities laws. Specifically, and without
limitation, this press release contains forward-looking statements
and information relating to: the anticipated benefits of the
Transaction, the anticipated timing for the closing of the
Transaction the listing of the Company on the TSXV and the future
prospects of the Company. Forward‐looking information
typically contains statements with words such as "anticipate",
"believe", "forecast", expect", "plan", "intend", "estimate",
"propose", "project", or similar words suggesting future outcomes.
The Company cautions readers and prospective investors in the
Company's securities not to place undue reliance on
forward‐looking information as, by its nature, it is
based on current expectations regarding future events that involve
a number of assumptions, inherent risks and uncertainties, which
could cause actual results to differ materially from those
anticipated by the Company. In respect of the forward-looking
statements and information set out in this press release, the
Company has provided such in reliance on certain assumptions that
it believes are reasonable at this time, including assumptions as
the ability of the Company to satisfy, in a timely manner, the
other conditions to the closing of the Transaction and as to the
future prospects of the Company. There are many risk factors
associated with the Company's operations and a number of factors
could cause actual results to differ materially from those
anticipated by the Company, including but not limited to risks and
uncertainties related to a material adverse change to the Company's
assets or revenue, risks of unknown liabilities that may arise,
uncertainties regarding natural disasters, change in government
policies, currency fluctuations and controls, risks of high
inflation and increased costs, changes in currency exchange rates,
and other risks associated with international activities. The
forward‐looking information included herein is
expressly qualified in its entirety by this cautionary statement.
The forward‐looking information included herein is
made as of the date hereof and the Company assumes no obligation to
update or revise any forward‐looking information to
reflect new events or circumstances, except as required by
law.
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.
SOURCE Castle Peak Mining Ltd.
