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.