|August 28, 2013|
Midlands Minerals Receives $3.4 million and Reviews Strategy
|Toronto, Ontario -- August 28, 2013: Midlands Minerals Corp. ("Midlands" or the "Company") (TSX-V: MEX) is pleased to announce that it has received the balance of the US$3.4 million proceeds from the sale of its interest in the Sian gold project in Ghana.|
On June 19, 2013, the Company entered into a share purchase agreement, together with its wholly-owned subsidiary, Harbour Capital Corporation ("HCC"), to sell HCC's 130,000,000 shares of Akroma Gold Company Limited to its joint venture partner Sian Goldfields Limited for an aggregate purchase price of US$3.4 million (the "Sale"). On July 30, 2013, the shareholders of Midlands approved the Sale and on August 19, 2013 the Company closed the transaction and is now in receipt of the purchase price proceeds.
The Company is actively leveraging its advantage in the strained market conditions to utilize the proceeds to identify and acquire a high quality replacement flagship project. In pursuit of this the Company is reviewing its corporate strategy with respect to its business model, target countries and commodities and is actively engaged in discussions with third parties.
Craig Pearman, President and CEO of Midlands stated that "the successful outcome and timing of the Sale, combined with ongoing cutbacks, cost control and divestment from underperforming assets, is providing Midlands with the exciting opportunity to emerge as a well funded company with a wide selection of opportunities made available by a distressed market. Midlands is committed to realizing the full benefit of this situation to provide a solid new foundation upon which to rebuild shareholder value".
About Midlands Minerals:
Midlands Minerals is a Canadian resource company with common shares that trade on the TSXV under the symbol "MEX". Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com which is current under re-construction.
FOR ADDITIONAL INFORMATION PLEASE CONTACT
President and CEO
Telephone: +1 604 366 2229
Telephone: +1 416 987 0855
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the execution of the Definitive Agreement, the completion of the Transaction, the receipt of regulatory and shareholder approvals, the Company's future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.
You can return to the main News Releases page, or press the Back button on your browser.