Oban Mining Corporation
TSX : OBM

Oban Mining Corporation

November 05, 2015 16:40 ET

Oban Mining Corporation Announces Acquisition of 18.3% of Shares of ValGold Resources Ltd.

TORONTO, ONTARIO--(Marketwired - Nov. 5, 2015) - Oban Mining Corporation (TSX:OBM) ("Oban") acquired, pursuant to a share purchase agreement with Pinetree Resources Partnership, ownership of 7,000,000 common shares ("ValGold Shares") of ValGold Resources Inc. ("ValGold") (TSX VENTURE:VAL) at a price of $0.01 per ValGold Share (the "Acquisition"), for total consideration of $70,000. As a result of the Acquisition, Oban owns 7,000,000 ValGold Shares, representing approximately 18.3% of the total issued and outstanding ValGold Shares.

The 7,000,000 ValGold Shares have been acquired by Oban for investment purposes. Oban has no current intention of increasing its ownership of, or control or direction over, additional securities of ValGold. Oban may, from time to time, increase or decrease its ownership of ValGold Shares or other securities of ValGold depending on market and other conditions.

This news release is being issued in accordance with National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues in connection with the filing of an early warning report dated November 5, 2015. The early warning report respecting the Acquisition has been filed on System for Electronic Document Analysis and Review ("SEDAR") at www.sedar.com under ValGold's issuer profile. To obtain a copy of the early warning report filed by Oban, please contact John Burzynski at (416) 363-8653 or refer to the SEDAR at www.sedar.com under ValGold's issuer profile.

Oban's head office is located at 155 University Avenue, Suite 1440, Toronto, Ontario M5H 3B7.

Contact Information

  • Oban Mining Corporation
    John Burzynski
    President & Chief Executive Officer
    (416) 363-8653