TORONTO, ONTARIO--(Marketwired - June 21, 2013) - Midlands Minerals Corporation ("Midlands" or the "Company") (News - Market indicators) announces that, further to its June 4, 2013 press release, it has entered into a share purchase agreement (the "Agreement"), together with its wholly-owned subsidiary, Harbour Capital Corporation ("HCC"), to sell HCC's 130,000,000 shares (the "Shares") of Akroma Gold Company Limited ("Akroma") to its joint venture partner Sian Goldfields Limited ("Sian") for an aggregate purchase price (the "Purchase Price") of US$3.4 million (the "Transaction"). Akroma is the joint venture company holding title to the Sian Mining Lease for the Sian gold project located in the Eastern Region of Ghana.
A deposit of US$340,000 has been paid by Sian to Midlands, which is non-refundable subject to certain conditions, and Sian has delivered a letter of credit to Midlands for the balance of the Purchase Price. Upon satisfaction of certain conditions, including approval from the TSX Venture Exchange (the "TSXV") and the Company's shareholders, Midlands will draw upon the letter of credit and transfer the Shares to Sian.
Craig Pearman, President and CEO of Midlands stated that "We are very pleased with the continuing commitment shown by our joint venture partners, evidenced by the execution of the Agreement."
As indicated above, completion of the Transaction is subject to a number of conditions, including shareholder approval. There can be no assurance that the Transaction will be completed on the terms contemplated in the Agreement, or at all.
About Midlands Minerals Corporation:
Midlands is a Canadian resource company with common shares that trade on the TSXV under the symbol "MEX". Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding completion of the Transaction, the receipt of regulatory and shareholder approvals, the Company's future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
