Business
Desert Gold Closes Acquisition of TransAfrika Belgique S.A.
/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITE...
About this update from Desert Gold Ventures Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/ \n\n\nTSX Venture Symbol: DAU\n\n\nTORONTO, Nov. 30, 2011 /CNW/ - Desert Gold Ventures Inc. (TSX-V: DAU) (the \"Company\" or \"Desert Gold\") is pleased to announce the completion\n of the acquisition (the \"Acquisition\") from TransAfrika Resources\n Cyprus Limited (the \"Vendor\") of all of the outstanding shares of\n TransAfrika Belgique S.A. (\"TransAfrika\"), a private Belgian company\n which owns interests in three advanced exploration-stage gold deposits\n in central and western Africa through subsidiaries in Rwanda, Mali and\n Senegal.\n\n\nAyub Khan, Chairman of the Board of Desert Gold, remarked: \"The closing\n of the Acquisition marks a new milestone in the development of Desert\n Gold. My own tenure as CEO comes to an end in the best climate possible\n for the Company. Having accompanied the rapprochement and the\n subsequent acquisition of Transafrika and its portfolio of African gold\n assets, I can confidently hand the reins over to Roeland van Kerckhoven\n as the new President and CEO of the enlarged Desert Gold.  The\n combination of the two companies from the standpoint of assets and\n human resources will in my opinion be the right platform to take us to\n the next level of development.  As Chairman of the Board and in concert\n with the entire team, I will work diligently and steadfastly to\n increase shareholder value in the future.\"\n\n\nRoeland van Kerckhoven, incoming President and CEO of Desert Gold,\n added: \"I am very pleased that we can now proceed to increase our\n inferred gold resource with the further development of some very\n exciting prospects in Mali and Rwanda. Early exploration work on the\n permits has identified clear drilling targets on which to focus our\n efforts in the months ahead.\"\n\n\nPursuant to the terms of the definitive sale of shares agreement entered\n into between the Vendor and TransAfrika in respect of the Acquisition\n (the \"Share Exchange Agreement\"), an aggregate of 20 million common\n shares of Desert Gold were issued to the Vendor and its nominees in\n exchange for all of the issued and outstanding shares of TransAfrika.\n\n\nApproximately 16 million of the Desert Gold shares so issued are subject\n to escrow, as more particularl...