SOURCE: Converge Global, Inc.

July 02, 2014 09:00 ET

Converge Global Signs LOI to Acquire Second Gold Producing Mine From Grant Ltd.

OKLAHOMA CITY, OK--(Marketwired - Jul 2, 2014) - Converge Global, Inc. ("The Company") (OTC Pink: CVRG) (PINKSHEETS: CVRG) announced today the signing of a second Letter of Intent (LOI) with Grant Ltd. for the acquisition and licensing of facilities subsoil for Mine "Drazhnik" Ltd., a producing property of lode gold in the Ust-Maya District, Republic of Sakha (Yakutia) in the Russian Federation.

The Company's initial due diligence was significant to support signing this second Letter of Intent to enter a Purchase Agreement with Grant Ltd. on or before August 30, 2014. The Company will proceed with further due diligence and negotiations towards closing the acquisition by the Closing date.

Drazhnik produced 528 kg gold in 2012 and 496kg gold in 2013 for Russian Geoplan terms of 389 kg. The reserves and resources of gold total 4 tons with a current license to 2020.

Alexander Shirokov, President of Converge Global, Inc., stated, "Upon closing both producing gold mines in the Ust-Maya District, Mine 'Drazhnik' Ltd. and Mine 'Duet' Ltd., the Company will have successfully diversified the asset base of its mining properties and created an opportunity to expand current production and operation levels." Mr. Shirokov further stated, "The positive effect on shareholder value should be reflected accordingly."

Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Converge Global, Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Contact Information