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Mongolia Growth Group Ltd. Announces the Closing of the Sale of Mandal General Daatgal LLC
Mongolia Growth Group Ltd. Announces the Closing of the Sale of Mandal General Daatgal LLC ...
About this update from Mongolia Growth Group Ltd.
[{"type":"text","content":"Mongolia Growth Group Ltd. Announces the Closing of the Sale of Mandal General Daatgal LLCMongolia Growth Group Ltd. Announces the Closing of the Sale of Mandal General Daatgal LLC\n\nCalgary, Alberta CANADA, December 24, 2013 /FSC/ - Mongolia Growth Group Ltd. (YAK - TSX Venture), (\"MGG\" or \"the Company\") is pleased to announce the closing of the sale of Mandal General Daatgal LLC (\"Mandal\") by MGG to UMC Capital LLC (\"UMC Capital\").\n\nThis sale will allow the management of MGG to focus its energy, corporate resources and capital on its core commercial real estate business with the goal of creating the most successful institutional property company in the rapidly growing economy of Mongolia. \n\nMGG has sold all of the issued and outstanding shares in the capital of Mandal to UMC Capital for gross proceeds of approximately 5.90 billion Mongolian Togrog (approximately Cdn$3.50 million).\n\nAs part of the sale, UMC Capital made an immediate payment to MGG of 650 million Mongolian Togrog and additional payments of approximately US$3 million will be paid in installments over the ensuing 18 month period. Subject to TSXV approval, UMC Capital and MGG agreed to increase the exercise price of UMC Capital's remaining 300,000 stock options (the \"Options\") from Cdn $1.64 to Cdn $1.75 and adjust the expiration date such that the Options shall expire on June 17, 2015. Finally, MGG will cancel 307,000 stock options that are currently outstanding to employees of Mandal General Daatgal LLC. \n\nFor more information on Mongolia Growth Group Ltd., please see our website: \nwww.MongoliaGrowthGroup.com\n\nOr contact: \n\nJordan Calonego\[email protected]\nTel: (807) 346-8688\n\n\nLegal Advisories\n\nAdditional information about the Company, including the Company's annual information form for the year ended December 31, 2012, is available under MGG's profile on SEDAR at www.sedar.com.\n\nForward-looking Information\n\nThis press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of the word \"will\" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to the following: the benefits...