This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gondwana Gold Announces Closing Of Transaction With Pan African Oil Ltd.

TORONTO, March 19, 2013 /CNW/ - Gondwana Gold Inc. (TSXV:GON) (" Gondwana" or the " Corporation") is pleased to announce that further to its news releases of November 19, 2012 and February 21, 2013, it has completed the acquisition (the " Transaction") of all of the issued and outstanding shares of Pan African Oil Ltd. (" PAO").  The Transaction constituted a change of business pursuant to the policies of the TSX Venture Exchange and the Company is now a Tier 2 oil and gas issuer.

PAO's principal asset is its 72% working interest in blocks 2211B and 2311A in the Walvis Basin, offshore Namibia, and an 81% working interest in Block 2612A in the Lüderitz Basin, offshore Namibia.

The Company issued 27,811,997 common shares on closing of the Transaction and now has 58,299,497 common shares issued and outstanding.  All convertible securities of PAO were exchanged for similar securities of Gondwana.

In connection with the closing of the Transaction, all of the directors and officers of the Corporation resigned other than J.D. Miller (Gondwana's former Chairman) and Dejan Ristic (Gondwana's Chief Financial Officer).  The directors of the Corporation are Bongani Mtshisi, Gary Wine, J.D. Miller and John 't Hart.  The officers are Gary Wine, Chief Executive Officer, Dejan Ristic, Chief Financial Officer and Secretary, and Phil Miller, Vice President, Exploration.

PowerOne Capital Markets Limited acted as PAO's financial advisor in connection with the Transaction. Clarus Securities Inc. acted as the Corporation's financial advisor in connection with the Transaction.

Further detailed disclosure regarding the Transaction and PAO is set out in the Company's filing statement dated February 20, 2013 available under the Company's profile on SEDAR at www.sedar.com.

The TSX Venture Exchange has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Gondwana Gold Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs