Denver CO, July 9, 2014 (GLOBE NEWSWIRE) -- SJE Mining LLC, a Nevada limited liability company , and Goldspan Resources, Inc., (OTCQB: GSPN) jointly announce the signing of a non-binding Letter of Intent (LOI). The LOI provides in part for Goldspan to acquire two properties owned by SJE Mining consisting of a total of 34 mining claims and leases in the Walker Lane Gold Trend of Nevada. Closing of the transaction will be subject to execution of a definitive agreement and satisfaction of the following conditions:
· Completion by each party of their respective due diligence.
· Delivery of audited financial statements by SJE Mining.
· Goldspan completing a reverse split of its common stock on 25:1 basis.
Upon satisfaction of all conditions precedent, the following actions will be taken at Closing:
· SJE will transfer the mining claims and leases to Goldspan.
· Goldspan shareholders will convert a total of $110,000 of debt into Goldspan common stock at a conversion price of $0.04 per share.
· Goldspan will issue to SJE such number of shares such that following the issuance, SJE will own approximately 70.6% of Goldspan's issued and outstanding shares of common stock.
· Goldspan will assume $150,000 in SJE debt financing.
· SJE will transfer to Goldspan all cash held by SJE at the date of Closing net of any payables other than the $150,000 in debt financing.
· Immediately following Closing, Goldspan will nominate two Board members, SJE will nominate two board members and two board members will be approved on the mutual consent of SJE and Goldspan.
Phillip Allen, President of Goldspan said, "We are extremely pleased with coming to terms with SJE's management and look forward to executing a definitive agreement and the Closing of the transaction."
Any questions by shareholders or interested parties should be directed to Phillip Allen, President, Goldspan Resources, Inc. at firstname.lastname@example.org or (303) 875-1044. Or SJE Mining LLC, Eric Stevenson, Manager, email@example.com.
"Safe-Harbor" Statement: Under the Private Securities Litigation Reform Act of 1995. This press release contains forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.