2012-09-24 16:20:03 -
Toronto, Ontario CANADA, September 24, 2012 /FSC/ - Panda Capital Inc. (PDA.H - TSX Venture), ("Panda" or the "Company") is pleased to announce that it has entered into an arm's length agreement dated September 17, 2012 with 2328438 Ontario Inc. ("Aurigin"), and Aurigin Resources Limited and Benzu Gold Limited which sets forth certain binding agreements with regard to the acquisition by Panda or a wholly-owned subsidiary of Panda of all of the issued and outstanding common shares in the capital of Aurigin (the "Proposed Transaction").
Aurigin is a private company incorporated in the Province of Ontario, Canada. The company's focus is on the exploration and development of gold properties in relatively underexplored districts in north-eastern Tanzania, southern and western Ethiopia
with rich prospects.
Aurigin's strategy is to prove up a significant gold resource in these emerging gold regions and to capitalize on an early mover advantage.
Upon completion, the Proposed Transaction will constitute Panda's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the "TSX-V"), and is subject to compliance with all necessary regulatory and other approvals and certain other terms and conditions. A comprehensive press release with further particulars relating to the Proposed Transaction will follow in accordance with the policies of the TSX-V.
The Company also wishes to advise that the previously announced agreement with Continental Mining and Smelting Limited has expired with no further obligations on the Company.
Completion of the proposed transaction is subject to a number of conditions, including but not limited to, TSX-V acceptance. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the proposed transaction, any information released or received with respect to the proposed transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a Capital Pool Company should be considered highly speculative.
The TSX-V has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, which filings are available at www.sedar.com.
For more information, please contact:
Panda Capital Inc.
Robert Munro, Chief Financial Officer
t: (888) 448-4946
2328438 Ontario Inc.
Ben Smit, Chief Executive Officer
t : (416) 775-1001
Susan Murphy, Manager Investor Relations
t: (416) 775-1001
To view this press release as a web page, click onto the link below:
Maximum News Dissemination by FSCwire. www.fscwire.com