KWG Buys Shares of Emerging Africa Gold
MONTREAL, Sept. 5 /CNW/ - St. Genevieve Resources Ltd. (``SGV'') and KWG Resources Inc. (``KWG'') wish to announce that SGV Merchant Banking - Intragroup Restricted Limited (``SGV Merchant Bank''), a wholly-owned subsidiary of SGV, has agreed to sell to KWG 7,500,001 common shares (the ``Purchased Shares'') of Emerging Africa Gold (EAG) Inc. (``EAG''), in consideration for the issuance by KWG to SGV Merchant Bank of 814,583 common shares of its share capital, the whole subject to regulatory approval. This will bring the combined shareholdings of SGV and SGV Merchant Bank in KWG to 23% of the issued and outstanding common shares of KWG.
Following the completion of this transaction, SGV Merchant Bank shall no longer hold any securities of EAG, and KWG shall hold 34.5% of the issued and outstanding common shares of EAG.
The transaction represents one component of SGV's effort to restructure its corporate holdings in such a manner so as to group all of its metal holdings directly and indirectly under KWG.
St. Genevieve Resources Ltd. identifies and develops, directly and through subsidiaries and affiliated companies active in targeted sectors, mining and oil properties showing high added-value potential.
KWG Resources Inc. is a mining company, part of the St. Genevieve Group of companies, whose primary objectives are the discovery, development and mining of significant gold and base metal deposits located in emerging countries and Canada.
NEWS RELEASES ARE AVAILABLE ON INTERNET AT sgv.com OR
AT kwg.com
NO REGULATORY AUTHORITY HAS APPROVED NOR DISAPPROVED THE
CONTENT OF THIS PRESS RELEASE
For further information: Mary Peschka, (416) 869-0626 ou Paul Piazza, (416) 869-0626 ou Pierre T. Laflamme, (514) 866-6001 |
