GMUI last pr ~ January 26, 2016 / Gold Mining USA, Inc. (OTC: GMUI) reports status and progress on its acquisition of Savannah Lifestyle Resorts "Savannah," a 50+ luxury retirement community located in Queensland, Australia. The Company and Savannah Lifestyle Resorts have mutually extended the term of the executed acquisition LOI outlining the purchase from March to June 2016.
Gold Mining USA has also obtained preliminary approval from Ion Insurance Company of Costa Rica for the issuance of a Financial Guarantee Bond insuring the acquisition for up to $30 million. This instrument will provide a guarantee to investors funding the acquisition. The Financial Guarantee Bond will be reinsured through Ocean Reinsurance of Bermuda.
Management of the Savannah Resort has been very cooperative with Gold Mining USA and we expect to maintain a close working relationship during this acquisition as well as potential future acquisitions in the senior living industry. The Savannah management team plans to maintain facility operations thereby facilitating continuity from both operational and financial perspectives while eliminating a transitional ramp-up period.
Maurice Byrne, GMUI President stated, "By securing a Financial Guarantee Bond, Gold Mining USA will provide investors safety for their capital, making it a more attractive investment opportunity while also giving our Company a strong financial instrument to finance Savannah as well as future acquisitions. Regarding the LOI extension, this was done to ensure that both parties have ample time to complete the necessary due-diligence process prior to finalizing the sale.
The Savannah Lifestyle Resorts acquisition paves the way for our diversification into the senior lifestyle market which we believe will substantially increase our revenue for years to come. We intend to leverage our increased cash position for balancing future investments in profitable mining opportunities and additional senior living facilities."
About Gold Mining USA
Gold Mining USA, Inc. is an emerging mineral resources company whose primary focused is developing metallurgical and mining projects. The Company's business model has featured acquisition of natural resource projects with the potential to provide significant resources through exploratory drilling thereby generating shareholder value through their development, joint venture or divestment. Our business model is being expanded to exploit the profitable and reliable asset based "senior Lifestyles" market. For more information, please visit www.gmuiinc.com.
Gold Mining USA has also obtained preliminary approval from Ion Insurance Company of Costa Rica for the issuance of a Financial Guarantee Bond insuring the acquisition for up to $30 million. This instrument will provide a guarantee to investors funding the acquisition. The Financial Guarantee Bond will be reinsured through Ocean Reinsurance of Bermuda.
Management of the Savannah Resort has been very cooperative with Gold Mining USA and we expect to maintain a close working relationship during this acquisition as well as potential future acquisitions in the senior living industry. The Savannah management team plans to maintain facility operations thereby facilitating continuity from both operational and financial perspectives while eliminating a transitional ramp-up period.
Maurice Byrne, GMUI President stated, "By securing a Financial Guarantee Bond, Gold Mining USA will provide investors safety for their capital, making it a more attractive investment opportunity while also giving our Company a strong financial instrument to finance Savannah as well as future acquisitions. Regarding the LOI extension, this was done to ensure that both parties have ample time to complete the necessary due-diligence process prior to finalizing the sale.
The Savannah Lifestyle Resorts acquisition paves the way for our diversification into the senior lifestyle market which we believe will substantially increase our revenue for years to come. We intend to leverage our increased cash position for balancing future investments in profitable mining opportunities and additional senior living facilities."
About Gold Mining USA
Gold Mining USA, Inc. is an emerging mineral resources company whose primary focused is developing metallurgical and mining projects. The Company's business model has featured acquisition of natural resource projects with the potential to provide significant resources through exploratory drilling thereby generating shareholder value through their development, joint venture or divestment. Our business model is being expanded to exploit the profitable and reliable asset based "senior Lifestyles" market. For more information, please visit www.gmuiinc.com.
