TORONTO, ON / ACCESSWIRE / October 11, 2023 / Mongolia Growth Group Ltd. (the "Company") (TSXV:YAK), announces the passage of all resolutions and the election of all nominated directors (Nick Cousyn, Jim Dwyer, Brad Farquhar, Harris Kupperman and Robert Scott) at the Company's Annual General Meeting held on October 10, 2023.
The Company also announces the sale of five properties in Mongolia. The transaction included the sale of four investment properties and one property classified as Property and Equipment for gross proceeds of approximately CDN $10.7 million. These properties had a carrying value of approximately CDN $11.0 million at June 30th 2023. The proceeds are gross of taxes, commissions, FX conversions, transfer fees, and other expenses to be finalized over the next few months.
A substantial majority of the proceeds have been received by the Company's Canadian banks accounts.
The Company intends to use the proceeds for general operating activities, to fund the Company's NCIB and to reduce existing liabilities.
The Company continues to seek out potential investment opportunities globally, including within Mongolia.
For further information please contact:
Genevieve Walkden, Corporate Secretary
877-644-1186
GWalkden@MongoliaGrowthGroup.com
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include general economic, market and business conditions, the regulatory process and actions, regulator and corporate approvals, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements. This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. We seek safe harbour.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Mongolia Growth Group Ltd.
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