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Galane Gold Ltd. Announces the Completion of a Transaction With the Phakamani Foundation Trust as Part of Its Empowerment Requirements in South Africa
TORONTO, March 19, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG) is pleased to announce that it has completed the donat
About this update from Golconda Gold Ltd
[{"type":"text","content":" TORONTO, March 19, 2019 (GLOBE NEWSWIRE) -- Galane Gold Ltd. (“Galane Gold” or the “Company”) (TSX-V: GG) is pleased to announce that it has completed the donation of 17% of the total issued share capital of Galaxy Gold Mining (Pty) Ltd (“Galaxy”) to the Phakamani Foundation NPC (“Phakamani”) as part of its empowerment requirements in South Africa(1)(2). Phakamani is a development micro-finance institution that envisages South Africa as a country in which even the poorest entrepreneur can create a micro-enterprise and build a dream. Since inception in 2008, the Foundation has issued over US$32 million in loans to over 96,000 different women. Each client has been exposed to an integrated program of basic business training, group loans, and on-going support. Phakamani’s end goal is to leads its clients towards a liveable income, savings, and hope for the next generation. Further information on Phakamani and its activities in South Africa can be found on their website http://phakamanifoundation.org/. Mark Tucker, CEO of Phakamani, commented: “Phakamani cannot do this alone and we are delighted that Galaxy is partnering with us to enrich the development of the poorest people in South Africa.” Galane Gold CEO, Nick Brodie commented: “We are delighted that Phakamani has agreed to partner with us and believe its aspirations to empower the poorest people within South Africa embodies Galaxy’s requirement to empower the historically disadvantaged.” In addition to the donation of the Galaxy shares to Phakamani, Galaxy’s subsidiary Galaxy Gold Reefs (Pty) Ltd (“GGR” and together with Galaxy, the “Galaxy Companies”) has donated 5% of its total issued share capital to a community based trust and 5% to a local employee share scheme(1)(2). With these three donations, Galaxy has fulfilled its obligations with regards to Black Economic Empowerment(1)(2)(3). About Galane Gold Galane Gold is an un-hedged gold producer and explorer with mining operations and exploration tenements in Botswana and South Africa. Galane Gold is a public company and its shares are quoted on the TSX Venture Exchange and the Botswana Stock Exchange under the symbol “GG”. Galane Gold’s management team is comprised of senior mining professionals with extensive experience in managing mining and processing operations and large-scale exploration programmes. Galane ...