CVRG Huge News Out
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CVRG Huge News Out
Converge Global Enters Agreement to Acquire Gold Producing Mine
OKLAHOMA CITY, OK, United States, via eTeligis Inc., 06/26/2014 – – Converge Global, Inc. (“The Company”) (CVRG) announced today the signing of aPurchase Agreement (“Agreement”)with Grant Ltd.for the acquisition and licensing of facilities subsoil for Mine “Duet” Ltd.,a producing property of lode goldin theUst-Maya District,Republic of Sakha (Yakutia)in the Russian Federation.
Subject to the terms and conditions of the Agreement, the Company agrees to acquire 100% of the rights, licenses and claims of Mine “Duet” Ltd. from Grant Ltd. for the aggregate consideration of $2.5Mill to be paid by 50Mill shares of restricted Common Stock of the Company at a value of US $.05 per share to Grant Ltd.The stock will be issued with a one-year restriction as may be permitted under Rule 144 under the Securities Act of 1933.The Closing of the proposed acquisition is scheduled for August 15, 2014.
Alexander Shirokov, President of Converge Global,Inc., stated,”We are very excited about closing the acquisition of the Mine `Duet` Ltd.This expansion into the Republic of Sakha will provide us with a new territory to explore and develop.With significant production already in place, our initial plans for the mine will include the installation of additional machinery to further expand operations and maximize production potential,” added Mr. Shirokov.
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About CVRG
Converge Global, Inc. is a publicly traded junior gold producer with operations in the Russian Federation. Converge Global, Inc. seeks to acquire gold producing mining operations in the Russian Federation as well as other markets.
The company states that it: is a diverse company currently undertaking a significant shift towards re-establishing its mining interests and expanding its global vision in the resource sector.
Converge Global, Inc. will continue to seek potential acquisitions, encourage strategic alliances and assess business development to support and expand its tiered network and corporate growth.
Gold production results for the first quarter of the year.
According to the Company, its subsidiary, CJSC Sintek, Inc. reported production in excess of 300 ounces of Gold for the first quarter of the year, providing revenues of $350k. This initial placer gold production is favorable for expansion and the Company intends to immediately seek additional equipment and personnel to be rolled out.
“These initial results with some of our resources are very remarkable and a great step towards creating a sustainable business for our shareholders,” said Oleg Kiselev, Chief Operating Officer of Converge Global, Inc. and General Manager of Operations of CJSC Sintek, Inc. “Our strategic focus and operational plans are clear, and our shareholders should now come to expect the potential of an ever growing production from our assets,” added Mr. Kiselev.
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