OKLAHOMA CITY, OK, United States, via eTeligis Inc., 06/26/2014 - - Converge Global, Inc. ("The Company") (OTC Pink: CVRG) (PINKSHEETS: CVRG) announced today the signing of a Purchase Agreement ("Agreement") with Grant Ltd. for the acquisition and licensing of facilities subsoil for Mine "Duet" Ltd., a producing property of lode gold in the Ust-Maya District, Republic of Sakha (Yakutia) in the Russian Federation.
Subject to the terms and conditions of the Agreement, the Company agrees to acquire 100% of the rights, licenses and claims of Mine "Duet" Ltd. from Grant Ltd. for the aggregate consideration of $2,500,000 to be paid by 50,000,000 shares of restricted Common Stock of the Company at a value of US $.05 per share to Grant Ltd. The stock will be issued with a one-year restriction as may be permitted under Rule 144 under the Securities Act of 1933. The Closing of the proposed acquisition is scheduled for August 15, 2014.
Alexander Shirokov, President of Converge Global, Inc., stated, "We are very excited about closing the acquisition of the Mine 'Duet' Ltd. This expansion into the Republic of Sakha will provide us with a new territory to explore and develop. With significant production already in place, our initial plans for the mine will include the installation of additional machinery to further expand operations and maximize production potential," added Mr. Shirokov.
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:
Alexander Shirokov
President
Tel: 416-214-7741
SOURCE: Converge Global, Inc.
Associated Documentation:
Link to submission on http://www.eteligis.com
CVRG_6-26-2014_ALD_ETL.docx
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