LOS ANGELES, CA, Jan. 31, 2018 (GLOBE NEWSWIRE) -- Brookmount Explorations Inc. (OTC PINK: BMXI), a U.S. exploration and development stage company, today announced that it has completed a share exchange agreement with the shareholders of SL Group Holdings Limited., a Company incorporated under the laws of British Virgin Islands, whereby Brookmount Exploration has acquired all of the issued and outstanding shares of SL Group Holdings Limited. For shares of Brookmount and the assignment of Brookmount Series A convertible notes. Upon completion of this transaction, the shareholders of SL Group Holdings Ltd. will gain voting control of Brookmount Explorations, Inc. and SL Group Holdings Limited will become a wholly owned subsidiary of Brookmount Explorations Inc.
As a result of this transaction Brookmount Explorations will acquire a 90% interest in a fully operational and producing gold mining business based in Indonesia, one of the world fastest growing economies. The remaining 10% interest is held by the Indonesian operating partner. The mining operation covers two mining, extraction and production facilities covering a total of approximately 58 hectares of volcanic sediment hosted gold with a grade of recoverable ore between 2.5 and 7.5 grams per ton. The operation enjoys a relatively low extraction cost of approximately 50% of the gold spot price of $1,300 per troy ounce. The two gold bearing properties are currently producing quarterly gross revenues of approximately US$1.2 million.
Given the complementary nature of Brookmount’s previous mineral business, the transaction represent a seamless transition to a larger, revenue producing platform which comes with a highly experienced management team.
Safe Harbor Statements
Except for the historical information contained herein, certain of the matters discussed in this communication constitute “forward-looking statements” within the meaning of the Securities Litigation Reform Act of 1995. Words such as “may,” “might,” “will,” “should,” “could,” “anticipate,” “estimate,” “expect,” “predict,” “project,” “future,” “potential,” “intend,” “seek to,” “plan,” “assume,” “believe,” “target,” “forecast,” “goal,” “objective,” “continue” or the negative of such terms or other variations thereof and words and terms of similar substance used in connection with any discussion of future plans, actions, or events identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding benefits of the proposed license, expected synergies, anticipated future financial and operating performance and results, including estimates of growth. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this communication. For example, the expected timing and likelihood of completion of the pending transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the pending transaction that could reduce anticipated benefits or cause the parties to abandon the transaction, the ability to successfully integrate the businesses, the occurrence of any event, change or other circumstance that could give rise to the termination of the negotiations, the risk that the parties may not be able to satisfy the conditions to the proposed transaction in a timely manner or at all, risks related to disruption of management time from ongoing business operations due to the proposed transaction, the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of Brookmount’s common stock. All such factors are difficult to predict and are beyond our control. We disclaim and do not undertake any obligation to update or revise any forward-looking statement in this report, except as required by applicable law or regulations.
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Source:Brookmount Explorations, Inc.